Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Entity Registrant Name | ICL GROUP LTD. |
Entity Central Index Key | 0000941221 |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,287,150,942 |
Entity Emerging Growth Company | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-13742 |
Entity Incorporation, State or Country Code | L3 |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
Entity Address, Address Line One | Millennium Tower |
Entity Address, Address Line Two | 23 Aranha Street |
Entity Address, Address Line Three | P.O. Box 20245 |
Entity Address, City or Town | Tel Aviv |
Entity Address Country | IL |
Entity Address, Postal Zip Code | 61202 |
Trading Symbol | ICL |
Security Exchange Name | NYSE |
Title of 12(b) Security | Ordinary Shares, par value NIS 1.00 per share |
Document Accounting Standard | International Financial Reporting Standards |
ICFR Auditor Attestation Flag | true |
Auditor Name | Somekh Chaikin |
Auditor Location | Israel |
Auditor Firm ID | 1057 |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | Millennium Tower |
Entity Address, Address Line Two | 23 Aranha St. |
Entity Address, City or Town | Tel-Aviv |
Entity Address Country | IL |
Entity Address, Postal Zip Code | 6120201 |
City Area Code | 972 |
Local Phone Number | (3) 6844440 |
Contact Personnel Name | Aya Landman |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 473 | $ 214 |
Short-term investments and deposits | 91 | 100 |
Trade receivables | 1,418 | 883 |
Inventories | 1,570 | 1,250 |
Investments at fair value through other comprehensive income | 0 | 53 |
Prepaid expenses and other receivables | 357 | 341 |
Total current assets | 3,909 | 2,841 |
Non-current assets | ||
Investments at fair value through other comprehensive income | 0 | 83 |
Deferred tax assets | 147 | 127 |
Property, plant and equipment | 5,754 | 5,550 |
Intangible assets | 867 | 670 |
Other non-current assets | 403 | 393 |
Total non-current assets | 7,171 | 6,823 |
Total assets | 11,080 | 9,664 |
Current liabilities | ||
Short-term debt | 577 | 679 |
Trade payables | 1,064 | 740 |
Provisions | 59 | 54 |
Other payables | 912 | 704 |
Total current liabilities | 2,612 | 2,177 |
Non-current liabilities | ||
Long-term debt and debentures | 2,436 | 2,053 |
Deferred tax liabilities | 384 | 326 |
Long-term employee liabilities | 564 | 655 |
Long-term provisions and accruals | 278 | 267 |
Other | 70 | 98 |
Total non-current liabilities | 3,732 | 3,399 |
Total liabilities | 6,344 | 5,576 |
Equity | ||
Total shareholders' equity | 4,527 | 3,930 |
Non-controlling interests | 209 | 158 |
Total equity | 4,736 | 4,088 |
Total liabilities and equity | $ 11,080 | $ 9,664 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements of Income [Abstract] | |||
Sales | $ 6,955 | $ 5,043 | $ 5,271 |
Cost of sales | 4,344 | 3,553 | 3,454 |
Gross profit | 2,611 | 1,490 | 1,817 |
Selling, transport and marketing expenses | 1,067 | 766 | 767 |
General and administrative expenses | 276 | 232 | 254 |
Research and development expenses | 64 | 54 | 50 |
Other expenses | 57 | 256 | 30 |
Other income | (63) | (20) | (40) |
Operating income | 1,210 | 202 | 756 |
Finance expenses | 216 | 219 | 220 |
Finance income | (94) | (61) | (91) |
Finance expenses, net | 122 | 158 | 129 |
Share in earnings of equity-accounted investees | 4 | 5 | 1 |
Income before taxes on income | 1,092 | 49 | 628 |
Taxes on income | 260 | 25 | 147 |
Net income | 832 | 24 | 481 |
Net income attributable to the non-controlling interests | 49 | 13 | 6 |
Net income attributable to the shareholders of the Company | $ 783 | $ 11 | $ 475 |
Earnings per share attributable to the shareholders of the Company: | |||
Basic earnings per share (in dollars) | $ 0.61 | $ 0.01 | $ 0.37 |
Diluted earnings per share (in dollars) | $ 0.60 | $ 0.01 | $ 0.37 |
Weighted-average number of ordinary shares outstanding: | |||
Weighted average number of ordinary shares used in calculating basic earnings per share | 1,282,807 | 1,280,026 | 1,278,950 |
Diluted (in thousands) | 1,287,051 | 1,280,273 | 1,282,056 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements of Comprehensive Income [Abstract] | |||
Net Income | $ 832 | $ 24 | $ 481 |
Components of other comprehensive income that will be reclassified subsequently to net income | |||
Foreign currency translation differences | (105) | 118 | (20) |
Change in fair value of cash flow hedges transferred to the statement of income | (15) | (54) | (38) |
Effective portion of the change in fair value of cash flow hedges | 13 | 53 | 42 |
Tax relating to items that will be reclassified subsequently to net income | 0 | 0 | (1) |
Total | (107) | 117 | (17) |
Components of other comprehensive income that will not be reclassified to net income | |||
Net changes of investments at fair value through other comprehensive income | 155 | 18 | 10 |
Gains (losses) from defined benefit plans | 85 | (15) | (75) |
Tax relating to items that will not be reclassified to net income | (44) | (6) | 10 |
Total | 196 | (3) | (55) |
Total comprehensive income (loss) | 921 | 138 | 409 |
Comprehensive income attributable to the non-controlling interests | 54 | 23 | 4 |
Comprehensive income (loss) attributable to the shareholders of the Company | $ 867 | $ 115 | $ 405 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Attributable to the shareholders of the Company [Member] | Share capital [Member] | Share premium [Member] | Cumulative translation adjustment [Member] | Capital reserves [Member] | Treasury shares, at cost [Member] | Retained earnings [Member] | Non-controlling interests [Member] |
Balance as at Start of Period at Dec. 31, 2018 | $ 3,915 | $ 3,781 | $ 546 | $ 193 | $ (424) | $ (17) | $ (260) | $ 3,743 | $ 134 |
Share-based compensation | 12 | 12 | 0 | 5 | 0 | 7 | 0 | 0 | 0 |
Dividends | (275) | (273) | 0 | 0 | 0 | 0 | 0 | (273) | (2) |
Total Comprehensive income | 409 | 405 | 0 | 0 | (18) | 13 | 0 | 410 | 4 |
Balance as at End of Period at Dec. 31, 2019 | 4,061 | 3,925 | 546 | 198 | (442) | 3 | (260) | 3,880 | 136 |
Share-based compensation | 8 | 8 | 0 | 6 | 0 | 2 | 0 | 0 | 0 |
Dividends | (119) | (118) | 0 | 0 | 0 | 0 | 0 | (118) | (1) |
Total Comprehensive income | 138 | 115 | 0 | 0 | 108 | 17 | 0 | (10) | 23 |
Balance as at End of Period at Dec. 31, 2020 | 4,088 | 3,930 | 546 | 204 | (334) | 22 | (260) | 3,752 | 158 |
Share-based compensation | 6 | 6 | 2 | 20 | 0 | (16) | 0 | 0 | 0 |
Dividends | (279) | (276) | 0 | 0 | 0 | 0 | 0 | (276) | (3) |
Total Comprehensive income | 921 | 867 | 0 | 0 | (110) | 132 | 0 | 845 | 54 |
Balance as at End of Period at Dec. 31, 2021 | $ 4,736 | $ 4,527 | $ 548 | $ 224 | $ (444) | $ 138 | $ (260) | $ 4,321 | $ 209 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net income | $ 832 | $ 24 | $ 481 |
Adjustments for | |||
Depreciation and amortization | 490 | 489 | 443 |
(Reversal of) Impairment of fixed assets | (6) | 90 | (10) |
Exchange rate, interest and derivative, net | 99 | 88 | 109 |
Tax expenses | 260 | 25 | 147 |
Change in provisions | (4) | 113 | (21) |
Other | (21) | 5 | (1) |
Adjustments for reconcile profit loss | 818 | 810 | 667 |
Change in inventories | (267) | 54 | (72) |
Change in trade receivables | (426) | (89) | 199 |
Change in trade payables | 274 | 84 | (58) |
Change in other receivables | 9 | 5 | 5 |
Change in other payables | 107 | 54 | 4 |
Net change in operating assets and liabilities | (303) | 108 | 78 |
Interest paid, net | 89 | 107 | 114 |
Income taxes paid, net of refund | (193) | (31) | (120) |
Net cash provided by operating activities | 1,065 | 804 | 992 |
Cash flows from investing activities | |||
Proceeds (payments) from deposits, net | 355 | 34 | (2) |
Business combinations | (365) | (27) | 0 |
Purchases Of Property, Plant And Equipment And Intangible Assets | (611) | (626) | (576) |
Proceeds From Divestiture Of Businesses Net Of Transaction Expenses | 31 | 26 | 0 |
Other | 11 | 10 | 53 |
Net cash used in investing activities | (579) | (583) | (525) |
Cash flows from financing activities | |||
Dividends paid to the company's shareholders | (276) | (118) | (273) |
Receipt of long-term debt | 1,230 | 1,175 | 657 |
Repayment of long-term debt | (1,120) | (1,133) | (689) |
Repayments of short-term debt, net | (58) | (52) | (183) |
Receipts (payments) from transactions in derivatives | (17) | 24 | 0 |
Other | (3) | (1) | (2) |
Net cash used in financing activities | (244) | (105) | (490) |
Net change in cash and cash equivalents | 242 | 116 | (23) |
Cash and cash equivalents as of the beginning of the year | 214 | 95 | 121 |
Net effect of currency translation on cash and cash equivalents | 17 | 3 | (3) |
Cash and cash equivalents as of the end of the year | $ 473 | $ 214 | $ 95 |
General
General | 12 Months Ended |
Dec. 31, 2021 | |
General Information About Financial Statements [Abstract] | |
Note 1 - General | Note 1 – General A. The reporting entity ICL Group Ltd. (hereinafter – the Company), is a company domiciled and incorporated in Israel. The Company's shares are traded on both the Tel-Aviv Stock Exchange (TASE) and the New York Stock Exchange (NYSE) under the ticker: ICL. The address of the Company’s registered headquarters is 23 Aranha St., Tel‑Aviv, Israel. The Company is a subsidiary of Israel Corporation Ltd., a public company traded on the TASE under the ticker: ILCO:TA. The Company together with its subsidiaries, associated companies and joint ventures (hereinafter – the Group or ICL), is a leading specialty minerals group that operates a unique, integrated business model. The Company competitively extracts certain minerals as raw materials and utilizes processing and product formulation technologies to add value to customers in two main end-markets: agriculture and Industrial (including food additives). ICL’s products are used mainly in the areas of agriculture, electronics, food, fuel and gas exploration, water purification and desalination, detergents, cosmetics, pharmaceuticals, and automotive. The State of Israel holds a Special State Share in ICL and in some of its subsidiaries, entitling the State the right to safeguard the State of Israel vital interests. For additional information, see Note 19 - Equity. B. Impact of the COVID-19 spread The COVID-19 pandemic continues to create business and economic uncertainty and volatility in the global markets. Many countries around the world are experiencing further outbreaks of the pandemic, following which governments are once again imposing various restrictions. At the same time, there is a recovery trend in the volume of economic activity around the world that leads on one hand, to significant demand for certain products and services and on the other hand, disruptions to worldwide supply chain routes and some raw materials. The Company continues to take measures to ensure the health and safety of its employees, suppliers, other business partners and the communities in which it operates in order to ensure, among others, the operation level, the proper functioning of its facilities around the world and to minimize the pandemic's potential impact on its business. Manufacturing continues at the Company's sites around the world without interruptions. However, there is still a difficulty in assessing the future impacts of the pandemic on the Company's operations, inter alia, in light of the uncertainty of its duration, the extent of its intensity and effects on global supply chains and global markets, and additional countermeasures that may be taken by governments and central banks. C. Definitions 1. Subsidiary – a company over which the Company has control and the financial statements of which are fully consolidated with the Company's statements as part of the consolidated financial statements. 2. Investee company – Subsidiaries, including a partnership or joint venture, which is accounted for using the equity method. 3. Related party – As in IAS 24 (2009), “Related Party Disclosures”. |
Basis of Preparation of the Fin
Basis of Preparation of the Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Basis Of Preparation Of Financial Statements [Abstract] | |
Note 2 - Basis of Preparation of the Financial Statements | Note 2 - Basis of Preparation of the Financial Statements A. Statement of compliance with International Financial Reporting Standards The consolidated financial statements were prepared by ICL in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Boards (IASB). The consolidated financial statements were authorized for issuance by the Company’s Board of Directors on February 22, 2022. B. Functional and presentation currency The consolidated financial statements are presented in United States Dollars (“US Dollars”; $), which is the functional currency of the Company and have been rounded to the nearest million, except when otherwise indicated. Items included in the consolidated financial statements of the Company are measured using the currency of the primary economic environment in which the individual entity operates (“the functional currency”). C. Basis of measurement The consolidated financial statements were prepared using the depreciated historical cost basis except for the following assets and liabilities: Financial instruments measured at fair value through profit or loss, financial instruments measured at fair value through other comprehensive income, Investments in associates, deferred tax assets and liabilities, assets and liabilities in respect of employee benefits. For further information regarding the measurement of assets and liabilities, see Note 3. D. Operating cycle The Company’s regular operating cycle is up to one year. As a result, the current assets and the current liabilities include items for which the realization is intended and anticipated to take place within one year. E. Classifications The Company made a number of insignificant adjustments to the classification of comparative figures in order to adjust them to the manner of classification in the current financial statements. The said classifications have no effect on the total profit (loss). F. Use of estimates and judgment The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The evaluation of accounting estimates used in the preparation of ICL’s Financial Statements requires the Company's management to make assumptions regarding interpretations of laws which apply to the Company, circumstances and events involving considerable uncertainty. The Company's management prepares the estimates based on past experience, various facts, external circumstances, and reasonable assumptions relating to the pertinent circumstances of each estimate. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about assumptions made by ICL with respect to the future and other reasons for uncertainty with respect to estimates that have a significant risk of resulting in a material adjustment to carrying amounts of assets and liabilities in future financial years are included in the following table: Estimate Principal assumptions Possible effects Reference Concessions, permits and business licenses Forecast of obtaining renewed concessions, permits and business licenses which constitute the basis for the Company's continued operations and the Company's expectations regarding the holding of the operating assets by it and / or by a subsidiary until the end of their useful lives Impact on the value of the operation, depreciation periods and residual values of related assets. See Note 18 - Concessions. Recoverable amount of a cash generating unit, among other things, containing goodwill Expected cash-flow forecasts including estimates of mineral reserves, discount rate, market risk and the forecasted growth rate. Change in impairment valuation. See Note 12 - impairment testing. Uncertain tax positions The extent of the certainty that ICL’s tax positions will be accepted and the risk of it incurring any additional tax and interest expenses. This is based on an analysis of several matters, including interpretations of tax laws and the Company’s past experience. Recognition of additional income tax expenses. See Note 15 - taxes on income. Probability assessment of contingent and environmental liabilities including cost of waste removal/ restoration Whether it is more likely than not that an outflow of economic resources will be required in respect of potential liabilities under the environmental protection laws and legal claims pending against ICL and the estimation of their amounts. The waste removal/ restoration obligations depend on the reliability of the estimates of future removal costs and interpretation of regulations. A change in the Company's estimated provisions for a claim and/or environmental liability, including waste removal and restoration. See Note 18 - contingent liabilities. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Note 3 - Significant Accounting Policies | Note 3 - Significant Accounting Policies The accounting policies in accordance with IFRS are consistently applied by ICL companies for all the periods presented in these consolidated financial statements. A. Basis for Consolidation 1. Business combinations ICL implements the acquisition method to all business combinations. The acquisition date is the date on which the acquirer obtains control over the acquiree. Control exists when ICL is exposed or has rights to variable returns from its involvement with the acquiree and it could affect those returns through its power over the acquiree. Substantive rights held by ICL and others are considered when assessing control. ICL recognizes goodwill on an acquisition according to the fair value of the consideration transferred including any amounts recognized in respect of non-controlling interest in the acquiree as well as the fair value at the acquisition date of any pre-existing equity right of ICL in the acquiree, less the net amount of the identifiable assets acquired, and the liabilities assumed. Costs associated with the acquisition that were incurred by ICL in a business combination such as advisory, legal, valuation and other professional or consulting fees, other than those associated with an issue of debt or equity instruments connected to the business combination, are expensed in the period the services are received. 2. Subsidiaries Subsidiaries are entities controlled by ICL. The financial statements of the subsidiaries are included in the consolidated financial statements from the date control commenced until the date control ceases to exist. The financial statements of subsidiaries have been changed when necessary to align them with ICL's accounting policies. 3. Non-controlling interests Non-controlling interests comprise of the subsidiary's equity that cannot be attributed, directly or indirectly, to the parent company. Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests, even if the result is a negative balance of non-controlling interests. Measurement on the date of the business combination – Non‑controlling interests that are instruments that give rise to a present ownership interest and entitle the holder to a share of net assets in the event of liquidation, are measured at the date of the business combination at either fair value, or at their proportionate interest in the identifiable assets and liabilities of the acquiree, on a transaction-by-transaction basis. Transactions with non-controlling interests, while retaining control - are accounted for as equity transactions. Any difference between the consideration paid or received and the change in non‑controlling interests is included in the share of the owners of the company directly in a separate category in equity. 4. Loss of control Upon the loss of control, ICL derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. If ICL retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. The difference between the sum of the proceeds and fair value of the retained interest, and the derecognized balances is recognized in profit or loss as other income or other expenses. The amounts recognized in capital reserves through other comprehensive income with respect to the same subsidiary are reclassified to profit or loss or to retained earnings. 5. Transactions eliminated in consolidation Intra-group balances, transactions, unrealized income and expenses and gains and losses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. 6. Investment in associated companies and joint ventures Joint ventures are joint arrangements in which ICL has rights to the net assets of the arrangement. Associates and joint ventures are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. B. Foreign Currency 1. Transactions in foreign currency Transactions in foreign currency are translated to the functional currency based on the exchange rate in effect on the dates of the transactions. Monetary assets and liabilities denominated in foreign currency on the report date are translated into the functional currency based on the exchange rate in effect on that date. Non‑monetary items denominated in foreign currency measured at historical cost are translated using the exchange rate at the date of the transaction. 2. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments from acquisition, are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income and are presented in equity in the foreign currency translation reserve (hereinafter –Translation Reserve). When the foreign operation is a non-wholly owned subsidiary of the Company, then the relevant proportionate share of the foreign operation translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of, the cumulative amount in the Translation Reserve is reclassified to profit or loss as a part of the capital gain or loss on disposal. Generally, foreign currency differences from a monetary item receivable from or payable to a foreign operation, including foreign operations that are subsidiaries, are recognized in profit or loss in the consolidated financial statements. Foreign exchange gains or losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognized in other comprehensive income and are presented within equity in the Translation Reserve. C. Financial Instruments 1. Non-derivative financial assets (IFRS9) Initial recognition of financial assets: ICL initially recognizes trade receivables and debt instruments issued on the date that they are originated and for all other financial assets at the trade date in which ICL becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus direct transaction costs. Derecognition of financial assets: Derecognition of financial assets occurs when the contractual rights of ICL to the cash flows from the asset expire, or when ICL transfers the rights to receive the contractual cash flows and substantially all the risks and rewards of ownership of the financial asset. When ICL retains substantially all the said risks and rewards, it continues to recognize the financial asset. Classification of financial assets into categories and the accounting treatment of each category: Financial assets are classified at initial recognition to one of the following measurement categories: (1) amortized cost; (2) fair value through other comprehensive income – investments in debt instruments; (3) fair value through other comprehensive income – investments in equity instruments; or (4) fair value through profit or loss. The reclassification of the financial assets in subsequent periods will only occur if ICL's changes its financial debt assets business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated at fair value through profit or loss: (1) It is held within a business model whose objective is to hold assets so as to collect contractual cash flows; and (2) the contractual terms of the financial asset give rise to cash flows representing solely payments of principal and interest on the principal amount outstanding on specified dates. These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. ICL has balances of trade and other receivables and deposits that are held within a business model whose objective is collecting contractual cash flows, which represent solely payments of principal and interest (for the time value and the credit risk). Accordingly, these financial assets are measured at amortized cost. Financial assets at fair value through profit or loss - are subsequently measured at fair value. Net gains or losses, including any interest income or dividend income, are recognized in profit or loss (other than certain derivatives designated as accounting hedging instruments). Investments in equity instruments at fair value through other comprehensive income - are subsequently measured at fair value. Dividends are recognized as income in profit or loss, unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss. 2. Non-derivative financial liabilities Non-derivative financial liabilities include bank overdrafts, loans and borrowings from banks and others, marketable debt instruments, lease liabilities, and trade and other payables. ICL initially recognizes debt securities issued on the date that they originated. All other financial liabilities are recognized initially on the trade date at which ICL becomes a party to the contractual provisions of the instrument. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Derecognition of the financial liabilities occur when the obligation of ICL, as specified in the agreement, expires or when it is discharged or cancelled. Change in terms of debt instruments: A substantial modification of the terms of an existing financial liability or part of it and an exchange of debt instruments having substantially different terms, between an existing borrower and lender is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability at fair value. In such cases the entire difference between the amortized cost of the original financial liability and the fair value of the new financial liability is recognized in profit or loss as financing income or expense. Substantially different terms - if the discounted present value of the cash flows according to the new terms and discounted using the original effective interest rate, is different by at least ten percent (10%) from the discounted present value of the remaining cash flows of the original financial liability. In addition to the aforesaid quantitative criterion, ICL examines, inter alia, whether there have also been changes in various economic parameters inherent in the exchanged debt instruments (e.g. linkage). In a non-substantial modification of terms (or exchange) of debt instruments, the new cash flows are discounted using the original effective interest rate, and the difference between the present value of the new financial liability and the present value of the original financial liability is recognized in profit or loss. Offset of financial instruments: Financial assets and liabilities are offset, and the net amount is presented in the statement of financial position when, and only when, ICL currently has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. 3. Derivative financial instruments ICL holds derivative financial instruments in order to reduce exposure to foreign currency risks, marine shipping prices, and interest. Derivatives are recognized according to fair value and the changes in value are recorded in the statement of income as financing income or expense, except for derivatives used to hedge cash flows (accounting hedging). The attributable transaction costs are recorded in the statement of income as incurred. Cash flow hedges Changes in the fair value of derivatives used to hedge cash flows, in accordance with the effective portion of the hedge, are recorded through other comprehensive income directly in a hedging reserve. With respect to the non‑effective part, changes in the fair value are recognized in the statement of income. The amount accumulated in the capital reserve is reclassified and included in the statement of income in the same period as the hedged cash flows affected profit or loss under the same line item in the statement of income as the hedged item. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued. The cumulative gain or loss remains in other comprehensive income and is presented in the hedging reserve in equity until the forecasted transaction occurs or is no longer expected to occur and then is reclassified to the statements of income. 4. CPI-linked assets and liabilities not measured at fair value The value of index-linked financial assets and liabilities, which are not measured at fair value, is re‑measured every period in accordance with the actual increase/ decrease in the CPI. 5. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognized as a deduction from equity, net of any tax effects. Incremental costs directly attributable to an expected issuance of an equity instrument are deducted from the equity upon the initial recognition of the equity instruments or are amortized as financing expenses in the statement of income when the issuance is no longer expected to take place. Treasury shares - when shares recognized as equity are repurchased by the Group, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus on the transaction is carried to share premium, whereas a deficit on the transaction is deducted from retained earnings. D. Property, plant and equipment 1. Recognition and measurement Property, plant and equipment in the consolidated statements are presented at cost less accumulated depreciation and provision for impairment. The cost includes expenses that can be directly attributed to the acquisition of the asset after deducting the related amounts of government grants. The cost of assets that were self-constructed includes the cost of the materials and direct labor, as well as any additional costs that are directly attributable to bringing the asset to the required position and condition so that it will be able to function as management intended, as well as an estimate of the costs to dismantle, remove and restore, where there is an obligation for such, and capitalized borrowing costs. Gains and losses on disposal of a property, plant or equipment item are determined by comparing the proceeds from disposal of the carrying amount of the asset and are recognized net in the income statement. 2. Subsequent Costs (after initial recognition) The cost of replacing part of an item of property, plant and equipment and other subsequent costs is recognized as part of the book value of the item, if it is expected that the future economic benefit inherent therein will flow to ICL and that its cost can be reliably measured. The book value of the part that was replaced is derecognized. Routine maintenance costs are charged to the statement of income as incurred. 3. Depreciation Depreciation is a systematic allocation of the depreciable amount of an asset over its estimated useful life. The depreciable amount is the cost of the asset, or other amount substituted for cost, less its residual value. Depreciation of an item of property, plant and equipment begins when the asset is available for its intended use, that is, when it has reached the place and condition required in order that it can be used in the manner contemplated for it by Management. Depreciation is recorded in the statement of income according to the straight-line method over the estimated useful life of each significant component of the property, plant and equipment items, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Owned land is not depreciated. The estimated useful life is as follows: In Years Buildings 15 - 30 Technical equipment and machinery (1) 5 - 33 Dikes and evaporating ponds (2) 20 - 40 Other 3 - 10 (1) Mainly 33 years (2) Mainly 40 years The Company reviews, at least at the end of every reporting year, the estimates regarding the depreciation method, useful lives and the residual value, and adjusts them if appropriate. Over the years, the Company has succeeded to extend the useful lives of part of property, plant and equipment items beyond the original estimated useful life, as a result of investments therein and other current, ongoing maintenance thereof. E. Intangible Assets 1. Goodwill Goodwill recorded consequent to the acquisition of subsidiaries is presented at cost less accumulated impairment charges, under intangible assets. 2. Research and development Expenditures for research activities are expensed as incurred. Development expenditures are recognized as intangible asset only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and ICL has the intention and sufficient resources to complete development and to use or sell the asset. 3. Other intangible assets Other intangible assets with a defined useful life, are measured according to cost less accumulated amortization and accumulated losses from impairment. Intangible assets with indefinite useful lives are measured according to cost less accumulated losses from impairment. 4. Subsequent costs Subsequent costs are recognized as an intangible asset only when they increase the future economic benefit inherent in the asset for which they were incurred. All other costs are charged to the statement of income as incurred. 5. Amortization Amortization is a systematic allocation of the amortizable amount of an intangible asset over its useful life. The amortizable amount is the cost of the asset less its residual value. Amortization is recorded in the statement of income according to the straight-line method from the date the assets are available for use, over the estimated useful economic life of the intangible assets, except for customer relationships and geological surveys, which are amortized according to the rate of consumption of the economic benefits expected from the asset based on cash flow forecasts. Goodwill and intangible assets having an indefinite lifespan are not amortized on a systematic basis but, rather, are examined at least once a year for impairment in value. Internally generated intangible assets are not systematically amortized as long as they are not available for use, i.e. they are not yet on site or in working condition for their intended use. Accordingly, these intangible assets, such as development costs, are tested for impairment at least once a year, until such date as they are available for use. The estimated useful life is as follows: In Years Concessions and mining rights – over the remaining duration of the rights granted Trademarks 15 - 20 Technology / patents 7 - 20 Customer relationships 15 - 25 Computer applications 3 - 10 ICL periodically examines the estimated useful life of an intangible asset that is not amortized, at least once a year, in order to determine if events and circumstances continue to support the determination that the intangible asset has an indefinite life. Deferred expenses in respect of geological surveys are amortized over their useful life based on a geological estimate of the amount of the material that will be produced from the mining site. The estimates regarding the amortization method and useful life are reviewed, at a minimum, at the end of every reporting year and are adjusted where necessary. ICL assesses the useful life of the customer relationships on an ongoing basis, based on an analysis of all the relevant factors and evidence, considering the experience the Company has with respect to recurring orders and churn rates and considering the future economic benefits expected to flow to the Company from these customer relationships. F. Inventories Inventories are measured at the lower of cost or net realizable value. The cost of the inventories includes the costs of purchasing the inventories and bringing them to their present location and condition. In the case of work in process and finished goods, the cost includes the proportionate part of the manufacturing overhead based on normal capacity. Net realizable value is the estimated selling price in the ordinary course of business, after deduction of the estimated cost of completion and the estimated costs required to execute the sale. The cost of the inventories of raw and auxiliary materials, maintenance materials, finished goods and goods in process, is determined mainly according to the “moving average” method. If the benefit from stripping costs (costs of removing waste produced as part of a mine's mining activities during its production stage) is attributable to inventories, the Company accounts for these stripping costs as inventories. In a case where the benefit is improved access to the quarry, the Company recognizes the costs as a non‑current addition to the asset, provided the criteria presented in IFRIC 20 are met. Inventories which are expected to be sold in a period of more than 12 months from the reporting date are presented as non-current inventories, as part of non-current assets. G. Capitalization of Borrowing Costs A qualifying asset is an asset that requires a significant period of time to prepare for its intended use or sale. Specific and non-specific borrowing costs are capitalized to qualifying assets during the period required for their completion and establishment, until the time when they are ready for their intended use. Other borrowing costs are charged to "financing expenses" in the statement of income as incurred. H. Impairment 1. Non-derivative financial assets Provision for expected credit losses in respect of a financial asset at amortized cost, including trade receivables, is measured at an amount equal to the full lifetime of expected credit losses. Expected credit losses are a probability-weighted estimate of credit losses. With respect to other debt instruments, provision for expected credit losses is measured at an amount equal to 12-month expected credit losses, unless their credit risk has increased significantly since initial recognition. Provision for such losses in respect of a financial asset at amortized cost, is presented net of the gross book value of the asset. 2. Non-financial assets In each reporting period, an examination is made with respect to whether there are signs indicating impairment in the value of ICL’s non-financial assets, other than inventories and deferred tax assets. If such signs exist, the estimated recoverable amount of the asset is calculated. ICL conducts an annual examination, on the same date, of the recoverable amount of goodwill and intangible assets with indefinite useful lives or those that are not available for use – or more frequently if there are indications of impairment. Assets that cannot be tested individually are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). The recoverable amount of an asset or a cash-generating unit is the higher of its value in use or the net selling price (fair value less cost of disposal). When determining the value in use, ICL discounts the anticipated future cash flows according to an after-tax discount rate that reflects the evaluations of the market's participants regarding the time value of money and the specific risks relating to the asset or to the cash-generating unit, in respect of which the future cash flows expected to derive from the asset or the cash-generating unit were not adjusted. Assets of the Company's headquarters and administrative facilities do not produce separate cash flows and they serve more than one cash-generating unit. Such assets are allocated to cash-generating units on a reasonable and consistent basis and are examined for impairment as part of the examination of impairment of the cash-generating units to which they are allocated. Impairment losses are recognized if the carrying amount of an asset or cash-generating unit exceeds its estimated recoverable amount and are recognized in the statement of income. For operating segments that include goodwill, an impairment loss is recognized when the book value of the operating segment exceeds its recoverable value. Impairment losses in respect of an operating segment are allocated first to reduce the carrying amount of its goodwill and then to reduce the carrying amounts of the other assets of that segment on a proportionate basis. An impairment loss is allocated between the owners of the Company and the non-controlling interests on the same basis that the profit or loss is allocated. A loss from impairment in value of goodwill recognized in previous periods is not reversible prospectively. A loss from impairment of other assets recognized in previous periods is examined in future periods to assess whether there are signs indicating that these losses have decreased or no longer exist. A loss from impairment of value is reversed if there is a change in the estimates used to determine the recoverable value, only if the book value of the asset, after reversal of the loss from impairment of value, does not exceed the book value, after deduction of depreciation or amortization, that would have been determined if the loss from impairment of value had not been recognized. I. Employee Benefits ICL has several post-employment benefit plans. The plans are funded partly by deposits with insurance companies, financial institutions or funds managed by a trustee. The plans are classified as defined contribution plans and as defined benefit plans. 1. Defined contribution plans A post-employment benefit plan under which ICL pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. ICL’s obligation to deposit in a defined contribution plan is recorded as an expense in the statement of income in the periods in which the employees provided the services. Retirement benefit plans that are not defined contribution plans: ICL’s net obligation is calculated for each plan separately, by estimating the future amount of the benefit to which an employee will be entitled as compensation for services in the current and past periods. The benefit is presented at present value after deducting the fair value of the plan's assets. The discount rate for ICL companies operating in countries having a “deep” market for high quality corporate bonds is the yield on such corporate bonds, including Israel. The discount rate for ICL companies operating in countries not having a “deep” market for high quality corporate bonds is in accordance with the yield on government bonds – the currency and redemption date of which are similar to the terms binding ICL. The calculations are performed by a qualified actuary using the projected unit credit method 2. Defined benefit plans When a net asset is created for ICL, the asset is recognized up to the net present value of the available economic benefits in the form of a refund from the plan or by a reduction in future deposits to the plan. An economic benefit in the form of a refund from the plan or a reduction in future deposits will be considered available when it can be realized in the lifetime of the plan or after settlement of the obligation. The movement in the net liability in respect of a defined benefit plan that is recognized in every accounting period in the statement of income is comprised of the following: (1) Current service costs – the increase in the present value of the liability deriving from employees’ service in the current period; (2) The net financing income (expense) is calculated by multiplying the net defined benefit liability (asset) by the discount rate used for measuring the defined benefit liability, as determined at the beginning of the annual reporting period; (3) Exchange rate differences; (4) Past service costs and plan reduction – the change in the present value of the liability in the current period as a result of a change in post-employment benefits attributed to prior periods. The difference, as of the date of the report, between the net liability at the beginning of the year plus the movement in the net liability as detailed above, and the actuarial liability less the fair value of the fund assets at the end of the year, reflects the balance of the actuarial income or expenses recognized in other comprehensive income and is recorded in retained earnings. The current interest costs and return on plan assets are recognized as expenses and interest income in the respective financing category. Costs in respect of past services are recognized immediately and without reference to whether the benefits have vested. 3. Other long-term employee benefits Some of the Company’s employees are entitled to other long-term benefits that do not relate to a post-retirement benefit plan. Actuarial gains and losses are recorded directly to the statement of income in the period in which they arise. 4. Early Retirement Pay Early retirement pay is recognized as an expense and as a liability when ICL has clearly undertaken to pay it, without any reasonable chance of cancellation, in respect of termination of employees, before they reach the customary age of retirement according to a formal, detailed plan. The benefits provided to employees upon voluntary retirement are charged when ICL proposes the plan to the employees, it is expected that the proposal will be accepted, and it is possible to reliably estimate the number of employees that will accept the proposal. If benefits are payable more than 12 months after the reporting period, then they are discounted to their present value. The discount rate is the yield at the reporting date on high-quality, index-linked corporate debentures, the denominated currency of which is the payment currency, and that have maturity dates approximating the terms of ICL’s obligations. 5. Short‑term benefits Obligations for short-term employee benefits are measured on a non-discounted basis, and the expense is recorded at the time the service is provided or upon the actual absence of the employee when the benefit is not accumulated (such as maternity leave). A provision for short-term employee benefits in respect of cash bonuses or profit-sharing plans is recognized for the amount expected to be paid, when ICL has a current legal or implied obligation and it is possible to reliably estimate the obligation. Classification of employee benefits is determined based on ICL's expectation with respect to full utilization of the benefits and not based on the date on which the employee is entitled to utilize the benefit. 6. Share-based compensation The fair value on the grant date of share-based compensation awards granted to employees is recognized as a salary expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. The amount recognized as an expense in respect of share-based compensation awards that are conditional upon meeting vesting conditions that are service conditions and non-market performance conditions, is adjusted to reflect the number of awards that are expected to vest. J. Provisions A provision is recognized when ICL has a present legal or implied obligation, as the result of an event that occurred in the past, that can be reliably estimated, and when it is expected that an outflow of economic benefits will be required in order to settle the obligation. The provisions are made by means of discount |
Determination of Fair Values
Determination of Fair Values | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurement [Abstract] | |
Note 4 - Determination of Fair Values | Note 4 - Determination of Fair Values As part of the accounting policies and disclosures, ICL is required to determine the fair value of both financial and non-financial assets and liabilities. The fair values have been determined for measurement and/or disclosure purposes based on the methods described below. Further information about the assumptions made in determining the fair values is disclosed in the notes specific to that asset or liability. A. Investments in equity securities The fair value of investments in equity instruments classified as fair value through other comprehensive income - investments in equity instruments and as fair value through profit and loss, is determined based on their market price at date of the report. B. Derivatives The fair value of forward contracts on foreign currency is determined by averaging the exchange rate and the appropriate interest coefficient for the period of the transaction and the relevant currency index. The fair value of interest rate swap contracts is determined by discounting the estimated amount of the future cash flows based on the terms and length of period to maturity of each contract, while using market interest rates of similar instruments at the date of measurement. Future contracts on energy and marine shipping prices are presented at fair value based on quotes of the prices of products on an ongoing basis. The reasonableness of the fair value is examined by comparing it to banks’ quotations. C. Liabilities in respect of debentures The fair value of liabilities including debentures is determined for disclosure purposes only and is calculated based on the present value of future cash flows in respect of the principal and interest components, discounted at the market rate of interest as of the reporting date. The fair value of marketable debentures is determined based on the stock market prices as of the date of the report. D. Property, plant and equipment of the subsidiaries Dead Sea Works, Dead Sea Bromine and Dead Sea Magnesium in Israel The fair value of property, plant and equipment of the subsidiaries Dead Sea Works, Dead Sea Bromine and Dead Sea Magnesium (hereinafter - the Subsidiaries) was measured in their statutory reports based on the Replacement Cost Methodology under IFRS. This evaluation was performed in recent years and serve, among others, as the basis for the mineral based financial reports prepared pursuant to the provisions of the Taxation of Natural Resources Law. For further information, see Note 15. |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Note 5 - Operating Segments | Note 5 - Operating Segments A. General 1. Information on operating segments: ICL is a global specialty minerals company operating bromine, potash and phosphate mineral value chains in a unique, integrated business model. Our operations are organized under four segments: Industrial Products, Potash, Phosphate Solutions and Innovative Agriculture Solutions. As part of management’s strategy to strengthen the focus on its specialties products a decision was made regarding the Company’s managerial structure, according to which, as of January 2022, the activities of ICL Boulby and ICL Amfert will be allocated from the potash and phosphate solutions segments, respectively, to the Innovative Ag Solutions segment. This transition is not reflected in the presentation set forth below. Industrial Products – The Industrial Products segment produces bromine out of a solution that is a by‑product of the potash production process in Sodom, Israel, as well as bromine‑based compounds. Industrial Products uses most of the bromine it produces for self‑production of bromine compounds at its production sites in Israel, the Netherlands and China. Industrial Products is also engaged in the production and marketing of phosphorous-based products. In addition, the Industrial Products segment produces several grades of potash, salt, magnesium chloride and magnesia products. Potash – The Potash segment produces and sells mainly potash, salt, Polysulphate®, magnesium and electricity. Potash is produced in Israel and Spain, using an evaporation process to extract potash from the Dead Sea in Israel and conventional mining from an underground mine in Spain. In its ICL Boulby mine in the UK, the Company produces Polysulphate®, which is composed of sulphur, potash, calcium and magnesium. The Company’s FertilizerpluS product line is based mainly on Polysulphate®. The segment also includes a magnesium product line which produces pure magnesium and magnesium alloys, as well as chlorine and sylvinite. In addition, the segment sells salt that is produced in its potash and Polysulphate® underground mines in Spain and the UK. The Company has a power plant in Sodom, which supplies electricity to ICL companies in Israel (electricity surplus is sold to external customers) and steam to all facilities in the Sodom site. Phosphate Solutions – The Phosphate Solutions segment is based on a phosphate value chain which uses phosphate commodity products, such as phosphate rock and fertilizer-grade phosphoric acid (“green phosphoric acid”), to produce specialty products with higher added value. The segment also produces and markets phosphate-based fertilizers. Phosphate rock is mined and processed from open pit mines, two of which are located in the Negev Desert in Israel, while the third is situated in Yunnan province in China. Sulphuric acid, green phosphoric acid and phosphate fertilizers are produced in facilities in Israel, China and Europe. The Phosphate Solutions segment manufactures purified phosphoric acid by purifying green phosphoric acid. Pure phosphoric acid and green phosphoric acid are used to manufacture downstream products with high added value, such as phosphate salts and acids, for a wide range of food and industrial applications. Phosphate salts and acids are used in various industrial end markets, such as oral care, cleaning products, paints and coatings, LFP batteries, water treatment, asphalt modification, construction, metal treatment, and more. The segment’s products for the food industry include functional food ingredients and phosphate additives, which provide texture and stability solutions for processed meat, meat alternatives, poultry, seafood, dairy, beverages and baked goods. In addition, the segment supplies purified phosphoric acid to ICL’s specialty fertilizers business and produces alternative protein meat substitutes, as well as milk and whey proteins for the food ingredients industry. Innovative Ag Solutions – The Innovative Ag Solutions segment aims to achieve global leadership in specialty fertilization markets by enhancing its global positions in its core markets of specialty agriculture, ornamental horticulture, turf and landscaping, targeting high-growth markets such as Brazil, India and China, by leveraging its unique R&D capabilities, vast agronomic experience, global footprint, backward integration to potash and phosphate and chemistry know-how, while integrating and generating synergies from acquired businesses. In January 2021, the Company completed the acquisition of Fertiláqua, one of Brazil’s leading specialty plant nutrition companies, and in July 2021, the acquisition of the South American Plant Nutrition business of Compass Minerals América do Sul S.A. (hereinafter - ADS). ICL is continuously working to expand its broad portfolio of specialty plant nutrition, plant stimulation and plant health solutions, which consists of enhanced efficiency and controlled release fertilizers (CRF), water soluble fertilizers (WSF), liquid fertilizers and straights (MKP/MAP/PeKacid), soil and foliar micronutrients, secondary nutrients, biostimulants, soil conditioners, seed treatment products, and adjuvants. The Innovative Ag Solutions segment develops, manufactures, markets and sells its products globally, mainly in Brazil, Europe, Asia, North America and Israel. It produces water soluble specialty fertilizers in Belgium, Israel and Spain, liquid fertilizers in Israel, Spain, China and Brazil, straights soluble fertilizers in China and Israel, controlled‑release fertilizers in the Netherlands, Brazil and the United States, as well as secondary nutrients, biostimulants, soil conditioners, seed treatment product, and adjuvants in Brazil. Other Activities 2. Segment capital investments The capital investments made by the segments, for each of the reporting periods, include mainly property, plant and equipment, as well as intangible assets acquired in the ordinary course of business and as part of business combinations. 3. Inter–segment transfers and unallocated income (expenses) Segment’s revenue, expenses and results include inter-segment transfers that are based on transaction prices in the ordinary course of business. This is aligned with the reports that are regularly reviewed by the Chief Operating Decision Maker. The inter-segment transfers are eliminated as part of financial statements’ consolidation process. The Segment profit is measured based on the operating income, without the allocation of certain expenses to the operating segments, as presented in the reports regularly reviewed by the Chief Operating Decision Maker. This is the basis for analyzing segment results, since management believes that it is the most relevant measure for the assessment of such results. B. Operating segment data Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations Consolidated $ millions For the year ended December 31, 2021 Sales to external parties 1,601 1,768 2,334 1,226 26 - 6,955 Inter-segment sales 16 163 98 19 2 (298) - Total sales 1,617 1,931 2,432 1,245 28 (298) 6,955 Segment operating income (loss) 435 399 307 121 (8) (60) 1,194 Other income not allocated to the segments 16 Operating income 1,210 Financing expenses, net (122) Share in earnings of equity-accounted investees 4 Income before income taxes 1,092 Depreciation amortization and impairment 65 165 215 38 2 (1) 484 Capital expenditures 74 298 238 36 6 17 669 Capital expenditures as part of business combination - - - 377 - - 377 Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations Consolidated $ millions For the year ended December 31, 2020 Sales to external parties 1,242 1,183 1,871 715 32 - 5,043 Inter-segment sales 13 163 77 16 3 (272) - Total sales 1,255 1,346 1,948 731 35 (272) 5,043 Segment operating income (loss) 303 120 66 40 (5) (15) 509 Other expenses not allocated to the segments (307) Operating income 202 Financing expenses, net (158) Share in earnings of equity-accounted investees 5 Income before income taxes 49 Depreciation amortization and impairment 77 166 210 25 3 98 579 Capital expenditures 84 296 275 20 6 15 696 Capital expenditures as part of business combination - - - - 26 - 26 Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations Consolidated $ millions For the year ended December 31, 2019 Sales to external parties 1,307 1,330 1,901 699 34 - 5,271 Inter-segment sales 11 164 79 18 3 (275) - Total sales 1,318 1,494 1,980 717 37 (275) 5,271 Segment operating income 338 289 100 21 19 (7) 760 Other expenses not allocated to the segments (4) Operating income 756 Financing expenses, net (129) Share in earnings of equity-accounted investees 1 Income before income taxes 628 Depreciation amortization and impairment 67 149 177 21 22 (3) 433 Implementation of IFRS 16 8 95 113 9 105 9 339 Capital expenditures 66 383 213 21 4 6 693 C. Information based on geographical location The following table presents the distribution of ICL’s sales by geographical location of the customer: 2021 2020 2019 $ millions % of sales $ millions % of sales $ millions % of sales Brazil 1,178 17 447 9 581 11 USA 1,091 16 793 16 840 16 China 1,060 15 806 16 802 15 United Kingdom 386 6 336 7 347 7 Germany 345 5 327 6 334 6 Israel 291 4 260 5 241 5 Spain 280 4 243 5 249 5 France 270 4 238 5 257 5 India 213 3 194 4 178 3 Italy 145 2 114 2 116 2 All other 1,696 24 1,285 25 1,326 25 Total 6,955 100 5,043 100 5,271 100 The following table presents the distribution of the operating segments sales by geographical location of the customer: Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations Consolidated $ millions For the year ended December 31, 2021 Europe 530 497 765 424 23 (80) 2,159 Asia 597 513 621 156 1 (12) 1,876 South America 64 507 359 378 - (3) 1,305 North America 363 216 492 120 1 (6) 1,186 Rest of the world 63 198 195 167 3 (197) 429 Total 1,617 1,931 2,432 1,245 28 (298) 6,955 Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations Consolidated $ millions For the year ended December 31, 2020 Europe 458 411 665 334 30 (76) 1,822 Asia 405 433 480 127 1 (14) 1,432 South America 40 230 227 21 - (1) 517 North America 299 86 372 105 2 (5) 859 Rest of the world 53 186 204 144 2 (176) 413 Total 1,255 1,346 1,948 731 35 (272) 5,043 The following table presents the distribution of the operating segments sales by geographical location of the customer: (cont'd) Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations Consolidated $ millions For the year ended December 31, 2019 Europe 469 422 712 336 31 (85) 1,885 Asia 399 470 447 118 1 (12) 1,423 South America 56 327 263 23 - (1) 668 North America 353 95 370 95 - (3) 910 Rest of the world 41 180 188 145 5 (174) 385 Total 1,318 1,494 1,980 717 37 (275) 5,271 The following table presents the distribution of the Company’s sales by geographical location of the main facilities from which they were produced. For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Israel 3,526 2,636 2,815 Europe 2,437 2,014 2,079 South America 1,095 424 441 North America 897 757 816 Asia 861 643 615 Others 56 48 47 8,872 6,522 6,813 Intercompany sales (1,917) (1,479) (1,542) Total 6,955 5,043 5,271 The following table presents operating income by geographical location of the assets from which it was produced: For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Israel* 863 105 578 Asia 179 64 59 South America** 95 35 19 North America 71 47 61 Europe 7 (50) 32 Others 4 4 3 Intercompany eliminations (9) (3) 4 Total 1,210 202 756 * Israel operating income for 2020 includes a loss of $274 million resulting from impairments and the initiation of efficiency initiatives and measures. ** South America operating income for 2021 includes $51 million resulting from the operations of Fertilaqua and ADS, which were acquired during the year. For additional information see Note 8B. The following table present the non-current assets by geographical location of the assets (*) As of December 31 2021 2020 $ millions $ millions Israel 4,079 3,952 Europe 1,505 1,575 Asia 483 490 South America 391 58 North America 333 319 Other 5 5 Total 6,796 6,399 (*) Mainly consist of property, plant and equipment, intangible assets and non-current inventories. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Classes of current inventories [abstract] | |
Note 6 - Inventories | Note 6 – In ventories As of December 31 2021 2020 $ millions $ millions Finished products 946 807 Work in progress 299 263 Raw materials 349 207 Spare parts 125 125 Total inventories 1,719 1,402 Of which: Non-current inventories - mainly raw materials (presented in non-current assets) 149 152 Current inventories 1,570 1,250 |
Prepaid expenses and other rece
Prepaid expenses and other receivables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
Note 7 - Other receivables | Note 7 - Prepaid expenses and other receivables As of December 31 2021 2020 $ millions $ millions Government institutions 97 72 Current tax assets 97 65 Prepaid expenses 51 50 Derivative instruments 48 24 Financial asset at amortized cost - 66 Other 64 64 357 341 |
Investments In Subsidiaries
Investments In Subsidiaries | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of subsidiaries [abstract] | |
Note 8 - Investments in Subsidiaries | Note 8 - Investments in Subsidiaries A. Non-controlling interests in subsidiaries The following tables present information with respect to non-controlling interests in a subsidiary, YPH (at the rate of 50%), before elimination of inter-company transactions. The information includes fair value adjustments that were made on the acquisition date, other than goodwill and presented without adjustments for the ownership rates held by the Company. As of December 31 2021 2020 $ millions $ millions Current assets 231 149 Non-current assets 408 400 Current liabilities (168) (189) Non-current liabilities (83) (76) Equity (388) (284) For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Sales 528 359 349 Operating Income 105 29 23 Depreciation and amortization 38 37 41 Operating income before depreciation and amortization 143 66 64 Net Income 96 23 11 Total Comprehensive income 104 40 8 B. Business Acquisition and Divestiture (1) As part of the Company's strategy to expand the specialty fertilizers business and focus on growing markets, such as achieving leadership positions in Brazil, a high growth specialty plant nutrition market, in January 2021, the Company completed the acquisition of Agro Fertiláqua Participações S.A., one of Brazil's leading specialty plant nutrition companies, for a consideration of $131 million, including net debt of $43 million. In July 2021, the Company completed the acquisition of the South American plant nutrition business of ADS, for a total consideration of about $443 million, including net debt of about $104 million. ADS offers a broad range of solutions for plant nutrition and stimulation, soil treatment, seed treatment and plant health, covering all key Brazilian crops, and as such significantly expands ICL's product portfolio and segment profitability, while providing seasonal balance between the Northern and Southern hemispheres. Identifiable assets acquired and liabilities assumed (*): $ millions Cash and cash equivalents 34 Inventories 102 Trade and Other receivables 169 Property, plant and equipment 125 Intangible assets 252 Other non-current assets 23 Trade and Other payables (106) Loans and Credit (169) Provisions (3) Net identifiable assets 427 (*) As of the reporting date, the Company is still in a process of finalizing ADS' Purchase Price Allocation (PPA). (2) In July 2021, the Company completed the sale of Jiaxing ICL Chemical Co. Ltd (ICL Zhapu), which was part of the Industrial Products segment to China Sanjiang Fine Chemicals Company Limited, for a consideration of about $25 million. As a result, in 2021, the Company recognized a capital gain of about $18 million, as "other income". (3) As part of the Company's strategy to divest low synergy businesses and non-core business activities, in January 2022, the Company entered into a definitive agreement to sell its 50% share in the joint venture Novetide Ltd., which was accounted for according to the equity method. The sale's consideration is about $33 million, of which $8 million represent an estimate for the fair value of a contingent consideration. The closing of the transaction is expected in early March 2022. As a result, in the first quarter of 2022, the Company will recognize a capital gain of about $20 million, subject to net debt and working capital adjustments at the closing date. |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Noncurrent Assets [Abstract] | |
Note 9 - Other non-current assets | Note 9 – Other non-current assets As of December 31 2021 2020 $ millions $ millions Non-current inventories 149 152 Surplus in employees' defined benefit plans (1) 115 91 Derivative designated as a cash flow hedge 97 115 Investments in equity-accounted investees 26 27 Other 16 8 403 393 (1) See Note 16. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Note 10 - Property, Plant and Equipment | Note 10 - Property, Plant and Equipment A. Composition Land and buildings Technical equipment and machinery Dikes and evaporating ponds Plants under construction (1) Other Right of use asset Total $ millions Cost Balance as of January 1, 2021 880 7,419 1,441 778 1,003 496 12,017 Additions in respect of business combinations 85 20 - 9 2 9 125 Additions 193 382 51 (99) 78 37 642 Disposals (2) (44) (1) - (6) (20) (73) Exit from consolidation (9) (21) - - (1) (2) (33) Translation differences (40) (92) (26) (24) (3) (2) (187) Balance as of December 31, 2021 1,107 7,664 1,465 664 1,073 518 12,491 Accumulated depreciation Balance as of January 1, 2021 491 4,300 763 - 817 96 6,467 Depreciation 30 227 55 - 71 71 454 Reversal of impairment - (6) - - - - (6) Disposals (5) (34) - - (4) (19) (62) Exit from consolidation (3) (19) - - - - (22) Translation differences (11) (58) (21) - (3) (1) (94) Balance as of December 31, 2021 502 4,410 797 - 881 147 6,737 Depreciated balance as of December 31, 2021 605 3,254 668 664 192 371 5,754 (1) The additions are presented net of items for which construction has been completed and accordingly were reclassified to other categories in the “property, plant and equipment” section. Land and buildings Technical equipment and machinery Dikes and evaporating ponds Plants under construction (1) Other Right of use asset Total $ millions Cost Balance as of January 1, 2020 804 6,865 1,392 765 945 423 11,194 Additions 63 467 21 (24) 68 80 675 Disposals (7) (34) - - (7) (21) (69) Exit from consolidation (14) (5) - - (6) (1) (26) Translation differences 34 126 28 37 3 15 243 Balance as of December 31, 2020 880 7,419 1,441 778 1,003 496 12,017 Accumulated depreciation Balance as of January 1, 2020 445 3,950 666 - 760 42 5,863 Depreciation 35 246 47 - 66 67 461 Disposals (6) (31) - - (7) (15) (59) Impairment - 58 27 - - - 85 Exit from consolidation (2) (4) - - (4) - (10) Translation differences 19 81 23 - 2 2 127 Balance as of December 31, 2020 491 4,300 763 - 817 96 6,467 Depreciated balance as of December 31, 2020 389 3,119 678 778 186 400 5,550 (1) The additions are presented net of items for which construction has been completed and accordingly were reclassified to other categories in the “property, plant and equipment” section. B. Additional information (1) In accordance with the Company’s policy regarding the periodic examination of the estimated useful life of Property, Plant and Equipment, in 2021, the Company conducted an examination of the estimated remaining useful life of Property, Plant and Equipment at its facilities in Israel, which was based on the Company’s experience, level of maintenance and operation of the facilities over the years. According to the examination, it was found that following the increase in maintenance activity and the implementation of operational excellence processes, the life expectancy of certain Property, Plant and Equipment is higher than their previously estimated remaining useful life. Based on the assessment, the estimated useful life of the said assets was extended by 5-10 years, as of January 2021. The impact of this update is a reduction in depreciation expenses, of $51 million in earnings and a balance of $18 million as a change in inventory value. (2) In December 2021, the Company entered into an agreement with a third party for the sale of an asset located in the industrial area of Ashdod, Israel, for a consideration of about $16.5 million. As a result, the Company recognized a capital gain of $16 million as "other income" in its Statement of Income. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets and goodwill [abstract] | |
Note 11 - Intangible Assets | Note 11 - Intangible Assets A. Composition Goodwill Concessions and mining rights Trademarks Technology / patents Customer relationships Computer application Others Total $ millions Cost Balance as of January 1, 2021 341 218 92 93 172 118 73 1,107 Additions in respect of business combinations 210 - 1 2 39 - - 252 Additions - - - 6 1 19 1 27 Translation differences (29) (3) (5) (4) (9) (13) (4) (67) Balance as of December 31, 2021 522 215 88 97 203 124 70 1,319 Amortization Balance as of January 1, 2021 21 74 34 55 123 76 54 437 Amortization for the year - 6 3 5 12 7 3 36 Translation differences ( 1 ) - ( 3) ( 2) ( 4) ( 9) ( 2) ( 21) Balance as of December 31, 2021 20 80 34 58 131 74 55 452 Amortized Balance as of December 31 ,2021 502 135 54 39 72 50 15 867 Goodwill Concessions and mining rights Trademarks Technology / patents Customer Computer application Others Total $ millions Cost Balance as of January 1, 2020 323 209 86 84 176 99 69 1,046 Additions in respect of business combinations 18 - - 7 1 - - 26 Additions - - - 1 - 18 2 21 Exit from consolidation - - - (5) (10) - - (15) Translation differences - 9 6 6 5 1 2 29 Balance as of December 31, 2020 341 218 92 93 172 118 73 1,107 Amortization and impairment losses Balance as of January 1, 2020 21 70 28 49 114 68 44 394 Amortization - 2 3 5 9 7 2 28 Impairment - - - - - - 5 5 Exit from consolidation - - - (2) (3) - - (5) Translation differences - 2 3 3 3 1 3 15 Balance as of December 31, 2020 21 74 34 55 123 76 54 437 Amortized Balance as of December 31 ,2020 320 144 58 38 49 42 19 670 B . Total book value of intangible assets having defined useful lives and those having indefinite useful lives are as follows: As of December 31 2021 2020 $ millions $ millions Intangible assets having a defined useful life 333 317 Intangible assets having an indefinite useful life 534 353 867 670 |
Impairment Testing
Impairment Testing | 12 Months Ended |
Dec. 31, 2021 | |
Impairment Testing [Abstract] | |
Note 12 - Impairment Testing | Note 12 - Impairment Testing A. Impairment testing for intangible assets with an indefinite useful life The goodwill is not monitored for internal reporting purposes and, accordingly, it is allocated to the Company’s operating segments and not to the cash-generating units, the level of which is lower than the operating segment, as long as the acquired unit is presented in the Company’s reportable segments. The examination of impairment of the carrying amount of the goodwill is made accordingly. For impairment testing purpose, the trademarks with indefinite useful life were allocated to the cash-generating units, which represent the lowest level within the Company. The carrying amounts of intangible assets with an indefinite useful life are as follows: As of December 31 2021 2020 $ millions $ millions Goodwill Phosphate Solutions 114 116 Industrial Products 91 94 Innovative Ag. Solutions * 260 73 Potash 19 19 Other 18 18 502 320 Trademarks 32 33 534 353 * The increase is mainly from the acquisitions of Fertiláqua and ADS businesses. For further information, see Note 8B. The Company conducted its annual impairment test of goodwill during the third quarter and did not identify any impairment. The recoverable amount of the operating segments was determined based on their value in use, which is an internal valuation of the discounted future cash flows generated from the continuing operations of the operating segments. The future cash flow of each operating segment was based on the segment approved five-year plan, which includes the segment estimations for revenues, operating income and other factors, such as working capital and capital expenditures. The segments’ projections were based, among other things, on the assumed sales volume growth rates based on long-term expectations, internal selling prices and raw materials prices based on external data sources, when applicable and relevant. The key assumptions used to calculate the operating segments’ recoverable amounts are the nominal after‑tax discount rate of 8% and the long‑term growth rate of 2%, reflecting the industries and markets the Company is involved in. |
Credit from Banks and Others
Credit from Banks and Others | 12 Months Ended |
Dec. 31, 2021 | |
Credit From Banks And Others [Abstract] | |
Note 13 - Credit from Banks and Others | Note 13 - Credit from Banks and Others A. Composition As of December 31 2021 2020 $ millions $ millions Short-term debt From financial institutions 327 296 Current maturities of: Debentures 131 206 Long-term loans from financial institutions 56 90 Lease Liability 63 64 Long-term loans from others - 23 250 383 Total Short-Term debt 577 679 Long- term debt and debentures Long term lease liability 299 325 Loans from financial institutions 679 194 Other loans - 24 978 543 Marketable debentures 1,517 1,618 Non-marketable debentures 191 275 1,708 1,893 2,686 2,436 Less – current maturities of: Debentures 131 206 Long-term loans from financial institutions 56 90 Lease liability 63 64 Long-term loans from others - 23 250 383 Total Long- term debt and debentures 2,436 2,053 For further information, see Note 21. B. Yearly movement in Credit from Banks and Others (*) As of December 31 2021 2020 $ millions $ millions Balance as of January 1 2,660 2,559 Changes from financing cash flows Additions in respect of business combination 171 - Receipt of long-term debts 1,230 1,175 Repayment of long-term debt (1,120) (1,133) Repayment of short-term credit (58) (52) Interest paid (112) (109) Receipt (payments) from transaction in derivatives (17) 24 Total net financing cash flows 94 (95) Initial recognition of lease liability 37 80 Interest expenses 126 120 Effect of changes in foreign exchange rates ( 21 84 Change in fair value of derivatives ( 24 (53) Other changes 42 (35) Balance as of December 31 2,914 2,660 (*) The balance includes Short-term debt, derivatives on loans and debentures, loans and debentures and interest payables. C. Sale of receivables under securitization transaction In September 2020, the Company and certain subsidiaries (hereinafter – the Subsidiaries) signed a series of agreements regarding a securitization transaction with three international banks (hereinafter – the Lending Banks) for the sale of their trade receivables to a special company which was established specifically for this purpose (hereinafter – the Acquiring Company). The new securitization agreements were signed with a committed amount of $300 million and an additional uncommitted amount of $100 million, maturing in September 2025 (hereinafter – the Agreements). These Agreements replace the prior securitization agreements, which expired in September 2020. The structure and terms of the Agreements are very similar to the prior securitization agreement. The Company’s policy is to utilize the securitization limit based on its cash flow needs, alternative financing sources and market conditions. According to the Agreements, the Company undertook to comply with a financial covenant according to which the ratio of net debt to EBITDA will not exceed 4.75. If the Company does not meet this ratio, the Acquiring Company can discontinue acquiring new trade receivables (without affecting existing acquisitions). As of the reporting date, the Company complies with the above financial covenant. The Acquiring Company finances acquisition of the debts through a loan received from a financial institution that is not affiliated with the Company. The period during which the Subsidiaries are entitled to sell their trade receivables to the Acquiring Company is five years from the closing date of the transaction, both parties have the option, at the end of each year, to notify for the transaction’s cancellation. Once the Company has transferred its trade receivables, it no longer has the right to sell them to another party. The selling price of the trade receivables is the amount of the debt sold, less the calculated interest cost based on the expected period between the sale date of the customer debt and its repayment date. Upon acquisition of the debt, the Acquiring Company pays part of the debt price in cash and the remainder in a subordinated note, which is paid after collection of the debt sold. The rate of the cash consideration varies depending on the composition and behavior of the customer portfolio. The Subsidiaries continue to handle the collection of the trade receivables included in the securitization transaction, on behalf of the Acquiring Company. In addition, the Agreements set several conditions regarding the quality of the customer portfolios, which give the Lending Banks the option of terminating the undertaking or excluding the subsidiaries whose customer portfolios do not meet the provided conditions from the Agreements. The trade receivables are fully presented in the Company’s statements of financial position and the receipts received from the Acquiring Company are presented as a financial liability under short-term credit. As of December 31, 2021, utilization of the securitization facility within this framework amounted to $180 million (December 31, 2020 - $183 million). D. Information on material loans and debentures outstanding as of December 31, 2021: Instrument type Loan date Original principal (millions) Currency Carrying amount ($ millions) Interest rate Principal repayment date Additional information Debentures - Series F May 2018, December 2020 693 U.S. Dollar 715 6.38% May 2038 (4), (5) Debentures - Series E April 2016 1,569 Israeli Shekel 378 2.45% 2021- 2024 (annual installment) Partially repaid (1), (4) Debentures (private offering) – 3 series January 2014 275 U.S. Dollar 145 46 5.16% 5.31% January 2024 January 2026 (1) Debentures - Series G January/May 2020 766 Israeli Shekel 241 2.40% 2022- 2034 (annual installment) (4) Debentures - Series D December 2014 184 U.S. Dollar 183 4.50% December 2024 (4), (5) SLL September 2021 250 Euro 282 0.80% September 2026 (2) Loan - European Bank September 2021 25 Euro 28 0.95% June 2025 (3) Loan-Israeli institutions November 2013 300 Israeli Shekel 56 4.74% 2015-2024 (annual installment) Partially repaid Loan - Asian Bank May 2020, May 2021 151 Chinese Yuan 20 4.25%-4.95% December 2020 - May 2023 Partially repaid September 2020, March 2021 380 56 4.25%-4.40% Loan - Brazilian Bank December 2014-January 2021 350 Brazilian Real 47 4%-8% January 2015-June 2025 Partially repaid A dditional Information: (1) In January 2021, the Company repaid $84 million of a private placement bond as scheduled. In March 2021, the Company repaid NIS 392 million (about $118 million) of Series E debentures, out of the total NIS 1,569 million (about. $487 million), as scheduled. In December 2021 the Company repaid an amount of $ 69.4 million in accordance with the agreement of loan with European Bank. (2) In September 2021, the Company entered into a new sustainability linked loan (SLL) agreement in the amount of €250 million, with a five-year term through 2026 and a fixed annual interest rate of 0.8%. The loan was entered into with a group of five leading global lenders. The loan is an innovative step forward in the Company’s ongoing sustainability efforts and includes three sustainability performance targets: (1) an annual 4% to 5% reduction in direct and indirect Scope 1 and Scope 2 CO 2 (3) In September 2021, ICL Iberia signed a new loan agreement in the amount of €25 million with a 45-month term through 2025 and a fixed annual interest rate of 0.95%. (4) On June 23, 2021, the credit rating agency S&P reaffirmed the Company’s international credit rating and senior unsecured rating 'BBB-’. In addition, the credit rating agency S&P Ma’alot reaffirmed the Company’s credit rating 'ilAA’ with a stable rating outlook. As of December 31, 2021, the Company is in compliance with all its financial covenants set forth in its financing agreements. For more details see note 13F. (5) On June 21, 2021, the credit rating agency Fitch Ratings reaffirmed the Company’s long-term issuer default rating and senior unsecured rating at 'BBB-’. The outlook on the long-term Issuer default rating is stable. E. Credit facilities: Issuer Group of international banks (1) European bank Brazilian bank (2) Date of the credit facility March 2015 December 2016 March 2021 Date of credit facility termination March 2025 May 2024 March 2023 The amount of the credit facility USD 1,200 million USD 30 million BRL 230 million Credit facility has been utilized Euro 150 million USD 30 million BRL 180 million Interest rate Up to 33% use of the credit: Libor/Euribor + 0.70%. From 33% to 66% use of the credit: Libor/Euribor + 0.80% 66% or more use of the credit: Libor/Euribor + 0.95% 30 million dollar-Libor + 0.80% CDI + 0.95% Loan currency type USD and Euro loans USD loans BRL loans Pledges and restrictions Financial covenants - see Section D, a cross-default mechanism and a negative pledge. Financial covenants - see Section D and a negative pledge. - Non-utilization fee 0.21% - - (1) In October 2021, an additional bank joined the credit facility agreement, increasing the revolving credit facility by an additional $100 million, leading to a total amount of $1.2 billion. Most banks signed on to continue the credit facility agreement and from March 2023 to March 2025, the total credit facility will amount to $1 billion. As of December 31, 2021, the Company had utilized approximately $170 million of the facility’s framework. (2) In March 2021, the Company signed a framework credit facility agreement with MUFG Bank for a period of two years, according to which the Company can withdraw up to BRL 230 million (about $42 million). As of December 31, 2021, the Company has withdrawn BRL 180 million (about $32 million), with a maturity date of March 2023. F. Restrictions on the Group relating to the receipt of credit As part of the loan’s agreements the Company has signed, various restrictions apply including sustainability performance targets and financial covenants, a cross‑default mechanism and a negative pledge. Set forth below is information regarding the financial covenants applicable to the Company as part of the loan agreements and the compliance therewith. Financial Covenants: Financial Covenants (1) Financial Ratio Required under the Agreement Financial Ratio December 31, 2021 Total shareholder’s equity Equity greater than $2,000 million $4,527 million Ratio of EBITDA to the net interest expenses Equal to or greater than 3.5 14.98 Ratio of the net financial debt to EBITDA Less than 3.5 1.38 Ratio of certain subsidiaries loans to the total assets of the consolidated company Less than 10% 4.51% (1) The examination of compliance with the financial covenants is based on the Company’s consolidated financial statements. As of December 31, 2021, the Company complies with all of its financial covenants. G. Pledges and Restrictions Placed in Respect of Liabilities (1) The Company has undertaken various obligations in respect of loans and credit lines from banks, including a negative pledge, whereby the Company committed, among other things, in favor of the lenders, to limit guarantees and indemnities to third parties (other than guarantees in respect of subsidiaries) up to an agreed amount of $550 million. The Company has also committed to grant loans only to subsidiaries and to associated companies, in which it holds at least 25% of the voting rights. The Company has further committed not to grant any credit, other than in the ordinary course of business, and not to register any charges on its existing and future assets and income. For further information regarding the covenants in respect of these loans and credit lines, see item F above. (2) As of December 31, 2021, the total guarantees provided by the Company were in the amount of $93 million (December 31, 2020 - $92 million). |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other payables [abstract] | |
Note 14 - Other payables | Note 14 – Other Payables As of December 31 2021 2020 $ millions $ millions Employees 414 322 Current tax liabilities 183 87 Governmental (mainly in respect of royalties) 103 75 Accrued expenses 75 76 Income received in advance 33 17 Derivative designated as an economic hedge 3 43 Others 101 84 912 704 |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Note 15 - Taxes on Income | Note 15 - Taxes on Income A. Taxation of companies in Israel The current and deferred taxes expenses of Israeli entities are booked under the applicable tax rates below: 1. Income tax rate The Israeli statutory primary income tax rate is 23%. 2. Tax benefits under the Israeli Law for the Encouragement of Capital Investments, 1959 (hereinafter – the Encouragement Law) a) Beneficiary Enterprises The production facilities of some of the Company’s subsidiaries in Israel (hereinafter – the Subsidiaries) have received “Beneficiary Enterprise” status under the Encouragement law after Amendment No. 60 to the Law was published in April 2005. The main benefit granted to the Subsidiaries is a preferred tax rate. Under the “Ireland” track, the C ompany paid a re duced tax rate of 11.5% as of 2008 on parts of its income. The benefit deriving from the "Ireland" track ended in 2017, excluding a single entity in Israel for which the entitlement ended in 2021 . The part of taxable income entitled to benefits at reduced tax rates is calculated based on the ratio of the “Beneficiary Enterprise” turnover to a company’s total turnover. The turnover attributed to the “Beneficiary Enterprise” is generally calculated according to the increase in the turnover compared to a “base” turnover, which is the average turnover in the three years prior to the election year of the “Beneficiary Enterprise”. A company having a “Beneficiary Enterprise” that distributes a dividend out of exempt income, will be subject to corporate tax in the year in which the dividend was distributed on the amount distributed (including corporate tax applicable amount due to the distribution) at the tax rate applicable under the Encouragement Law in the year in which the income was generated, had it not been exempt from tax. On November 15, 2021, the Israeli Economic Efficiency Law for the years 2021 and 2022 was published, which consists of numerous legislative amendments and arrangements, including an amendment to Section 74 of the Encouragement Law, which deals with the identification of sources of dividend distributions as of August 15, 2021 (hereinafter - the amendment). The amendment stipulates that in any dividend distribution from companies holding accumulated profits that were exempt from tax until their distribution as a dividend ("trapped earnings"), a certain part of the distribution will be considered a distribution of those trapped earnings, which will be fully taxed upon release. In . The beneficiary corporate tax will be determined according to the ratio of the trapped earnings that the company seeks to release from all its trapped earnings. It will range between 40% to 70% of the corporate tax rate that would have applied to income in the year it was generated, but in any case, not less than 6%. Eligibility for the beneficiary corporate tax rate is conditional on a company's decision to release part or all of its trapped earnings and the payment of the tax due until November 14, 2022, as well as on making investments in the companies' industrial plants over five years, in accordance with the formula set forth in the amendment. Considering the above-mentioned amendment, the Company assessed its deferred tax liabilities with regards to the possibility to release trapped earnings in its future dividend distributions. In December 2021, due to the Company's settlement agreement with the Israeli Tax Authorities, regarding tax assessments for the years 2015-2019, and as a result of the Company's decision to apply the said temporary provision, the Company recognized a tax provision for the release of trapped earnings in the total amount of $47 million. Accordingly, no additional tax provision is required in respect of the unreleased trapped earnings which as of December 31, 2021, amounted to about NIS 950 million ($305 million). b) Preferred Enterprises In December 2010, the Israeli Knesset approved the Economic Policy Law for 2011‑2012, whereby the Encouragement law, was amended (hereinafter – the Amendment). The Amendment is effective from January 1, 2011 and its provisions apply to preferred income, derived or accrued by a Preferred Enterprise, as defined in the Amendment, in 2011 and thereafter. The Amendment does not apply to an Industrial Enterprise that is a mine, or any other facility for production of minerals or a facility for exploration of fuel. Therefore, ICL plants that are defined as mining plants and mineral producers will not be able to take advantage of the tax rates included as part of the Amendment. The tax rates applicable to Preferred Enterprises in Israel: 1) Preferred Enterprises located in Development Area A – 7.5%. 2) Preferred Enterprises located in the rest of the country – 16%. In November 2015, the Knesset passed the Economic Efficiency Law, which expanded the exception to all of the Enterprise’s activities up to the time of the first marketable product (for additional details – see Section 4 below). However, tax benefits to which a Beneficiary Plant was entitled were not cancelled in respect of investments made up to December 31, 2012. Therefore, such plants are able to utilize the tax benefits in respect of such investments, in accordance with the provisions of the old law. It is further provided in the Amendment that tax will not apply to a dividend distributed out of preferred income to a shareholder that is an Israeli‑resident company. A dividend distributed out of preferred income to a shareholder that is an individual or a foreign resident is subject to tax at a rate of 20%, unless a lower tax rate applies under a relevant treaty for prevention of double taxation. 3. The Law for the Encouragement of Industry (Taxation), 1969 a) Some of the Company’s Israeli subsidiaries are “Industrial Enterprise”, as defined in the abovementioned law. In respect of buildings, machinery and equipment owned and used by any "Industrial Enterprise", the Company is entitled to claim accelerated depreciation as provided by the Income Tax Regulations – Adjustments for Inflation (Depreciation Rates), 1986 which allow accelerated depreciation to any "Industrial Enterprise" as of the tax year in which each asset is first placed in service. b) The Industrial Enterprises owned by some of the Company's Israeli subsidiaries have a common line of production or similar industrial branch activity and, therefore, they file, together with the Company, a consolidated tax return in accordance with Section 23 of the Law for the Encouragement of Industry. Accordingly, each of the said companies is entitled to offset its tax losses against the taxable income of the other companies. 4. The Law for Taxation of Profits from Natural Resources The Law for Taxation of Profits from Natural Resources (hereinafter – the Law), is effective since January 1, 2016. The government take on natural resources in Israel includes three elements: Royalties, Corporate Income Tax and Surplus Profit Levy. The highlights of the Law are set forth below: Royalties: In accordance with the Mines Ordinance, the rate of the royalties, in connection with resources produced from the quarries, will be 5%. For production of phosphates, the royalty rate is 5% of the value of the quantity produced. Imposition of Surplus Profit Levy: The Surplus Profit Levy is applied for the bromine, phosphate and magnesium minerals from 2016 and for potash from 2017. The tax base, which will be calculated for every mineral separately, is the mineral’s operating income, in accordance with the accounting statement of income, to which certain adjustments will be made. The taxable profit is based on the mineral operating income, as adjusted, after a deduction of 5% of the mineral’s year end working capital, and an amount that reflects a yield of 14% on the value of property, plant and equipment used for production and sale of the quarried material (hereinafter – Yield). On the tax base, as stated, a progressive tax will be imposed at a rate to be determined based on the Yield in that year. For a Yield between 14% and 20%, Natural Resources Tax will be imposed at the rate of 25%, while Yield in excess of 20% will be subject to Natural Resources Tax at the rate of 42%. In years in which the Natural Resources Tax base is negative, the negative amount will be carried forward from year to year and will constitute a tax shield in the succeeding tax year. The above computations, including the right to use prior years’ losses, are made separately, without considering setoffs, for each natural resource production and sale activity. Limitations on the Natural Resources Tax – the Natural Resources Tax will only apply to profits deriving from the actual production and sale of each of the following resources: potash, bromine, magnesium and phosphates, and not to the profits deriving from the downstream industrial activities. $100 per tonne of potash, which is produced from the Sylvinite (linked to the CPI). A mechanism was provided for determination of the market price, with respect to transactions in natural resources executed between related parties in Israel, as well as a mechanism for calculation of the manner for costs allocation between the production and sale of the natural resource, on the one hand, and the downstream activities, on the other hand. Regarding the bromine resource, the sale price of bromine sold to related parties, in and outside of Israel, who use the bromine for bromine compounds manufacturing activities, shall be, in each tax year, the higher of: 1) Actual price in the sale transaction. 2) A price which will provide an operating profit for the bromine compounds manufacturer of % out of the revenue it generates from bromine compounds sales. Regarding the phosphate resource, the sale price of phosphate sold to related parties for purposes of downstream manufacturing activities shall be, in each tax year, the higher of: 1) Actual price in the sale transaction. 2) A price which will keep an operating profit with the downstream products manufacturer of 12% out of the revenue it generates from downstream phosphate made of products sales. 3) The production and operating costs attributable to a unit of phosphate. The Company took an alternative tax filing position, according to which, all the Dead Sea minerals should be taxed as a unified mineral under the above-mentioned mechanism as the natural resource that is used by the company is the Dead-Sea brine. Corporate income Tax: The Law for Encouragement of Capital Investments was revised such that the definition of a “Plant for Production of Quarries” will include all the plant’s activities up to production of the first marketable natural resource of potash, bromine, magnesium and phosphates. Accordingly, activities involved with production of the resource will not be entitled to tax benefits under the Law, whereas activities relating to downstream products, such as bromine compounds, acids and fertilizers, will be entitled to tax benefits under the Law. The Natural Resource Tax will be deductible from the Company's taxable income and the Company will pay the Corporate Tax on the balance as is customary in Israel. Amendment number 3 to the Law In November 2021, Amendment number 3 to the Law was approved by the Israeli Kneset, according to which the arrangement of tax collection will be altered so that companies will be required to pay 75% of the disputed tax, after objecting to a tax assessment by appeal to the district court, and prior to a Court ruling. Prior to this amendment, the payment of the Surplus Profit Levy in dispute was not required until a Court ruling is rendered. This amendment may impact the collection of Surplus Profit Levy from the Company for the years 2016 and onwards. B. Taxation of non-Israeli subsidiaries Subsidiaries incorporated outside of Israel are assessed for tax under the tax laws in their countries of residence. The principal tax rates applicable to the major subsidiaries outside Israel are as follows: Country Tax rate Note Brazil 34% Germany 29% United States 26% (1) Netherlands 25% Spain 25% China 25% United Kingdom 19% (1) The tax rate is an estimated average and includes federal and states tax. Different rate may apply in each specific year, as a result of different allocation of income between the different states. Note 15 - Taxes on Income (cont'd) C. Carried forward tax losses As of December 31, 202 1 , the balances of the carryforward tax losses of subsidiaries for which deferred taxes were recorded, is about $ 286 million (December 31, 20 20 – about $ 418 million). As of December 31, 202 1 , the balances of the carryforward tax losses to future years of subsidiaries for which deferred taxes were not recorded, is about $ 338 million (December 31, 20 20 – about $ 392 milli on). As of December 31, 2021, the capital losses for tax purposes available for carryforward to future years for which deferred taxes were not recorded is about $161 million (December 31, 2020 – about $163 million) D. Tax assessments (1) The Company and the main operational companies in Israel (DSW, Rotem, Bromine, DSM, and BCL), have received final tax assessments up to and including 2019 (see items 2 and 3 below). Other companies in Israel received final tax assessments up to and including 2016. The main subsidiaries outside of Israel have final tax assessments up to and including 2015 . (2) Regarding the tax assessment for the years 2012‑2014 issued by the Israeli Tax Authorities (ITA) to the Company and to certain Israeli subsidiaries, in September 2021, a judgment was given approving a settlement agreement between the Company and the ITA, for the final and complete settlement of all claims, demands and arguments of the ITA against the Company in connection with such tax assessments. As a result, the Company paid $30 million, plus interest and linkage. The settlement had no material impact on the Company's Financial Statements. Regarding the tax assessment for the year 2015 issued by the ITA, in December 2021, the Company reached an agreement with the ITA regarding the tax years 2015‑2019, pursuant to which the Company will pay $105 million, plus interest and linkage. The agreement will constitute complete and final settlement of all ITA's claims, demands and arguments against the Company for the said tax years. The settlement had no material impact on the Company's Financial Statements. For the release of trapped earnings see item A(2) above. (3) The Company's subsidiary in Belgium (hereinafter - ICL Belgium or the Company) recognized a notion deduction on its capital, based on its interpretation of the Belgian tax law. This position was disputed by the tax authorities. In November 2021, the Supreme Court accepted the Company's position, which finalized all tax disputes with the local tax authorities. E. Uncertain Tax Position The measurement of the estimated Tax provisions requires judgment related to certain tax positions, which may result in future demand for additional tax payments by the Tax authorities. A tax provision is recorded only when the Company estimates that the chances of its position to be accepted are lower than the chances it will be rejected. It is possible that the tax authorities will demand additional tax payments that are not known to the Company at this stage. The Law for Taxation of Profits from Natural Resources in Israel (hereinafter – the Law) is a new law that entered into effect with respect to the bromine, phosphate and magnesium minerals in 2016, and with regard to the potash mineral, in 2017. As of the reporting date, no regulations under the Law have yet been enacted (except for regulations regarding advances on account of tax payments, published in July 2018), no circulars have been published and no court decisions have been rendered as to the implementation of this new Law that was imposed, to the best of the Company's knowledge, only on one other company. The financial statements of Dead Sea Works, Dead Sea Bromine and Dead Sea Magnesium (hereinafter – the Subsidiaries), serve as a basis for the mineral based financial reports (hereinafter – Surplus Profit Reports) required to be filed for tax calculation under the Law. Such calculation involves interpretations and assumptions on several significant matters, which require management’s judgment. The Company's position is that the Surplus Profit Levy should be calculated on the Dead Sea Solution, which is the natural resource used by the Company, and not for each product produced from the Dead Sea Solution. Furthermore, based on the Company’s understanding of the law, the carrying amount of the property, plant and equipment, for the purpose of preparation of the financial statements for 2016 and onward of the Subsidiaries, which serve as the basis for the Surplus Profit Reports, are presented on the basis of their replacement cost (as used assets), on the date the Law entered into effect. Replacement cost is an accounting method according to International Financial Reporting Standards (IFRS), which are the accepted accounting principles in Israel, applied by the Company and its Subsidiaries. The presentation of property, plant and equipment in the Subsidiaries' financial statements according to the aforesaid method, is not reflected in the Company's consolidated financial statements . As part of the preparation of the Subsidiaries' financial statements, the Company received an opinion from an independent appraiser regarding the fair value of the property, plant and equipment, which was based on the Replacement Cost methodology (as used assets). According to the opinion, the fair value of the property, plant and equipment was estimated at about $6 billion, as of December 31, 2015, the date the Law entered into effect. Note 15 - Taxes on Income (cont'd) E. Uncertain Tax Position (cont'd) Given the mineral's price environment, its effect on the profitability of the Subsidiaries and after deduction of a 14% allowed deductible on the balance of property, plant and equipment, as stated in the law and based on the replacement cost, as of December 31, 2021, no natural resources tax liability was payable. In respect of the phosphate resource, due to prior years' losses, no natural resources tax liability was payable. The Tax Authority's position could be materially different, even in very significant amounts, mainly, as a result of the different interpretation regarding the implementation of the Law, with respect to the carrying amount for natural resources tax purposes of the property, p lant and equipment. Should the ITA , and subsequently the applicable District Court, in case of an appeal, decide s that the measurement of the property, plant and equipment, for this purpose, should be in accordance with depreciated historical cost, and fu lly reject s the Company's arguments with respect to this issue , the result can be an increase in the Company's tax liabilities in an aggregate amount of about $ 237 million (including interest and linkage and net of corporate income tax) for the years 2016‑2021. The Company believes that it is more likely than not that its position will be accepted. In March 2021, the ITA issued an assessment for the years 2016‑2017, which includes a demand for payment of Surplus Profit Levy, in the amount of approximately $77 million, plus interest and linkage. The amount represents, in essence, the different interpretation regarding the measurement of operational property, plant and equipment. The Company submitted its objection to the ITA. As of the reporting date, no decision has yet been made regarding the said objection. F. Deferred income taxes 1. The composition of the deferred taxes and the changes therein, are as follows: In respect of financial position In respect of carry forward tax losses Total Depreciable property, plant and equipment and intangible assets Inventories Provisions for employee benefits Other $ millions Balance as of January 1, 2020 (421) 32 84 19 54 (232) Changes in 2020: Amounts recorded in the statement of income (17) 6 13 (28) 60 34 Amounts recorded to a capital reserve - - (6) - (3) (9) Translation differences (1) - 3 2 4 8 Balance as of December 31, 2020 (439) 38 94 (7) 115 (199) Changes in 2021: Additions in respect of business c ombinations - 1 1 9 2 13 Amounts recorded in the statement of income 16 - 2 (14) (24) (20) Amounts recorded to a capital reserve - - (22) (1) - (23) Translation differences 2 - (2) (3) (5) (8) Balance as of December 31, 2021 (421) 39 73 (16) 88 (237) 2. The currencies in which the deferred taxes are denominated: As of December 31 2021 2020 $ millions $ millions Euro 84 73 Brazilian Real 13 (4) British Pound - 17 U.S Dollar (10) (6) Israeli Shekels (327) (280) Other 3 1 (237) (199) G. Taxes on income included in the income statements 1. Composition of income tax expenses (income) For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Current taxes 145 70 91 Deferred taxes 22 (43) 61 Taxes in respect of prior years 93 (2) (5) 260 25 147 2. Theoretical tax Following is a reconciliation of the theoretical tax expense, assuming all income is taxed at the regular tax rates in Israel (see A(2) above) and the tax expense presented in the statements of income: For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Income before taxes on income , as reported in the statements of income 1,092 49 628 Statutory tax rate (in Israel) 23% 23% 23% Theoretical tax expense 251 11 144 Add (less) – the tax effect of: Reduced tax due to tax benefits (64) (6) (8) Differences deriving from additional deduction and different tax rates applicable to foreign subsidiaries (10) (4) (15) Tax on dividend 3 2 2 Deductible temporary differences and their reversal (including carryforward losses) for which deferred taxes assets were not recorded and non–deductible expenses (8) 14 17 Taxes in respect of prior years* 93 (2) (5) Differences in measurement basis (8) 10 15 Other differences 3 - (3) Taxes on income included in the income statements 260 25 147 * In 2021, including $47 million in respect of trapped earnings release H. Taxes on income relating to items recorded in equity For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Tax recorded in other comprehensive income Actuarial gains from defined benefit plan (22) (6) 10 Change in investments at fair value through other comprehensive income (21) - (1) Taxes in respect of exchange rate differences on equity loan to a subsidiary included in translation adjustment (1) (3) 1 Total (44) (9) 10 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Classes of employee benefits expense [abstract] | |
Note 16 - Employee Benefits | Note 16 - Employee Benefits A. Composition Composition of employee benefits: As of December 31 2021 2020 $ millions $ millions Fair value of plan assets 648 629 Termination benefits (135) (158) Defined benefit obligation (993) (1,075) (480) (604) Composition of fair value of the plan assets: As of December 31 2021 2020 $ millions $ millions Equity instruments With quoted market price 230 224 Without quoted market price 50 40 280 264 Debt instruments With quoted market price 337 334 Without quoted market price 3 3 340 337 Deposits with insurance companies 28 28 648 629 B. Severance Pay 1. Israeli companies The labor laws in Israel require the Company to pay severance pay to employees who were dismissed or have retired (including those who left the Company in other specific circumstances). The liability for the payment of severance pay is calculated according to the labor agreements in effect on the basis of salary components which, in the opinion of Company management, create an obligation to pay severance pay. The Company has two severance pay plans: one plan according to the provisions of section 14 of the Severance Pay Law, which is accounted for as a defined contribution plan; and the other for employees to whom section 14 does not apply, which is accounted for as a defined benefit plan. The Company’s liability in Israel for the payment of severance pay to employees is mostly covered by current deposits in the names of the employees in recognized pension and severance pay funds, and by the acquisition of insurance policies, which are accounted for as plan assets. 2. Certain subsidiaries outside Israel In countries wherein subsidiaries operate that have no law requiring payment of severance pay, the subsidiaries have not recorded a provision in the financial statements for possible eventual future severance payments to employees, except in cases where part of the activities of the enterprise is discontinued and, as a result, the employees are dismissed. C. Pension and Early Retirement (1) Some of the Company’s employees in and outside of Israel have defined benefit pension plans for their retirement, which are controlled by the Company. Generally, according to the terms of the plans, as stated, the employees are entitled to receive pension payments based on, among other things, their number of years of service (in certain cases up to 70% of their last base salary) or computed, in certain cases, based on a fixed salary. Some employees of a subsidiary in Israel are entitled to early retirement if they meet certain conditions, including age and seniority at the time of retirement. (2) Some subsidiaries have signed plans with funds – and with a pension fund for some of the employees – under which such subsidiaries make current deposits with that fund which releases them from their liability for making a pension payment under the labor agreements to their employees upon reaching a retirement age. The amounts funded are not reflected in the statements of financial position, since they are not under the control and management of the subsidiaries. D. Post-employment retirement benefits Some of the Company retirees receive, aside from the pension payments from a pension fund, benefits that are primarily holiday gifts and paid vacations. The company’s liability for these costs accrues during the employment period. The Company includes in its financial statements the projected costs in the post-employment period according to an actuarial calculation. E. Movement in net defined benefit obligation and in its components: Fair value of plan assets Defined benefit obligation Defined benefit obligation, net 2021 2020 2021 2020 2021 2020 $ millions $ millions $ millions $ millions $ millions $ millions Balance as of January 1 629 583 (1,075) (1,004) (446) (421) Income (costs) included in profit or loss: Current service costs - - (24) (22) (24) (22) Interest income (expenses) 6 5 (14) (14) (8) (9) Past service cost - - 12 11 12 11 Effect of movements in exchange rates, net 8 16 (16 ) (34) ( 8 ) (18) Included in other comprehensive income: Actuarial profits (losses) deriving from changes in financial assumptions - - 68 (24) 68 (24) Other actuarial gains 17 9 - - 17 9 Change with respect to translation differences, net (10) 18 21 (32) 11 (14) Other movements: Benefits received (paid) (6) (6) 35 44 29 38 Employer contribution 4 4 - - 4 4 Balance as of December 31 648 629 (993) (1,075) (345 ) (446) The actual return on plan assets in 2021, is $23 million, compared with $14 million in 2020 and $61 million in 2019. F. Actuarial assumptions Principal actuarial assumptions as of the reporting date (expressed as weighted averages): For the year ended December 31 2021 2020 2019 % % % Discount rate as of December 31 2.1 1.7 2.1 Future salary increases 3.9 3.4 3.2 Future pension increase 2.3 2.0 2.1 G. Sensitivity analysis Assuming all other assumptions remain constant, the following reasonable possible changes affect the defined benefit obligation as of the date of the financial statements in the following manner: December 2021 Decrease Decrease 5% Increase 5% Increase 10% $ millions $ millions $ millions $ millions Significant actuarial assumptions Salary increases (14) (7) 7 14 Discount rate 20 10 (10) (20) Mortality table 24 12 (12) (24) The assumptions regarding the future mortality rate are based on published statistics and accepted mortality tables. H. The Effect of the plans on the Company's future cash flows The expenses recorded in respect of defined contribution plans in 2021 are $43 million (in 2020 $39 million and in 2019 $37 million). The Company estimates that the expected deposits in 2021 to fund defined benefit plans are about $9 million. As of December 31, 2021, the Company estimates that the life of the defined benefit plans, based on a weighted average, is about 13.6 years (2020 – about 15.3 years). I. Long-term incentive plan (1) In February 2022, the Company’s HR & Compensation Committee and the Board of Directors approved a triennial equity grant for the years 2022-2024 in the form of options exercisable to the Company's ordinary shares. For further information - see Note 19. (2) In November 2021, Company's HR & Compensation Committee and the Board of Directors approved a new Cash LTI plan, according to which, other senior managers will be awarded a cash incentive in 2024, the fair value of the grant as of the grant date is about $40 million. The grant is subject to achievement of certain financial targets over the three years and can be affected by the change in share price. (3) In |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Provision [Abstract] | |
Note 17 - Provisions | Note 17 – Provisions A. Composition and changes in the provision Site restoration and equipment dismantling Legal claims Other Total $ millions $ millions $ millions $ millions Balance as of January 1, 2021 279 10 32 321 Provisions recorded during the year 24 5 12 41 Provisions recorded in respect of business combinations - 3 - 3 Provisions reversed during the year - (3) (1) (4) Payments during the year (13) (1) (2) (16) Translation differences (7) (1) - (8) Balance as of December 31, 2021 283 13 41 337 (1) Main items under 'Site restoration and equipment dismantling': a. Spain – In June 2018, a new restoration plan was approved for the Suria and Sallent sites, which included a plan for handling the salt piles and dismantling of facilities. The restoration plan for the Suria site is scheduled to extend until 2094, and for the Sallent site up to 2075. Estimation of the projected costs for the closure and restoration of the Sallent site – the main portion of the estimated costs for closure and restoration is attributed to restoration of the salt pile. The Company is treating the salt pile, by both utilizing the salt for production and sale for de-icing purposes, and by processing the material and removing it to the sea via a Collector. As of December 31, 2021, the total provision for the closure and restoration of the Sallent site amounts to $77 million. The estimation is based on a long-term forecast, covering a period of more than 50 years, b. Rotem Israel – as of December 31, 2021, according to the Company's estimation, the provision for the restoration of the mining sites and waste repositories, for Rotem Israel's operations, amounted to $89 million. The provision is measured based on the present value of the cash flows, which relies on the Company's estimation of the future expense required for the restoration of the mining sites. The actual costs that may be required may differ, even substantially, from the current provision, as a result of the inherent complexity of such estimation, the Company's future decisions regarding the facilities and regulatory requirements. c. Bromine Israel (Neot Hovav) – pursuant to the Ministry of Environmental Protection, the Company is required to treat both solid waste of past periods which is stored in a designated defined area on the site's premises, and currently-produced waste created during the ongoing production processes in the plant. Waste treatment is partly conducted through a hydro-bromine acid recovering facility (BRU), operated by the Company. Part of the waste is sent for external designated treatment. As of December 31, 2021, the provision for prior periods waste treatment amounted to about $43 million. In the Company's estimation, based on the information currently available to it, the provision included in its financial statements covers the estimated cost for treating prior periods waste. (1) In 2016, a court decision was rendered which determined that ICL Iberia bears responsibility for contamination of water in certain wells at the Suria and Sallent sites (due to an over concentration of salt). In 2018, claims were received from several owners of the land surrounding the wells, demanding compensation from ICL Iberia for damages in the aggregate amount of $22 million. In the Company's estimation it is more likely than not that it would be required to compensate the owners in the amount of up to $4 million. The provision in the Company's books reflects this estimate. (2) In 2017, the Israeli Water Law was amended, according to which saline water of the kind produced for Dead Sea plants by the Company's own water drilling is charged with water fees. The Company objected to the charges relating to water drilling within the concession area, which constitutes about 65% In addition, in March 2021, a decision was made by the Water Authority, whereby despite the Company's objection, its definition should be changed to "Consumer-Producer", as defined in the Water Law, starting with the production license for 2021. The main implication of this change is an increase in the water fees of about $3 |
Commitments, Concessions and Co
Commitments, Concessions and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Capital commitments [abstract] | |
Note 18 - Commitments, Concessions and Contingent Liabilities | Note 18 - Commitments, Concessions and Contingent Liabilities A. Commitments (1) Several of the Group’s subsidiaries have entered into agreements with suppliers for the purchase of raw materials and energy in the ordinary course of business, for various periods ending on December 31, 2036. As of December 31, 2021, the total amount of the commitments under the said purchase periods of the agreements is about $2.4 billion. This item takes into consideration part of the agreements described below. (2) Several of the Group’s subsidiaries have entered into agreements with suppliers for the acquisition of property, plant and equipment. As of December 31, 2021, the subsidiaries have capital expenditures commitments of about $617 million. This item takes into consideration part of the agreements described below. (3) As part of the collaboration between ICL's subsidiary in Spain (ICL Iberia) and the government of Catalonia to achieve environmental sustainability goals, the Company has undertaken to carry out restoration of the salt piles in its sites, mainly by processing and removing them to the sea via a collector. In April 2021, the Company signed an agreement with the Catalan Water Agency for the construction and operation of a collector. The main highlights of the agreement include, among other things, the guidelines by which the project will be managed, the financing aspects of the project, the definition of project costs and the determination of the operational maintenance mechanism, including usage costs. Based on the said agreement and Spain's water law, it was determined that ICL Iberia will assume up to 90% of the project's cost (approximately $ 110 million), to be paid throughout the construction and operating periods. Construction, which has already begun, is expected to extend over a four-year period and the operations period is expected to be over 25 years. (4) In December 2017, the Company entered into a gas purchase agreement with Energean Israel Limited (hereinafter - Energean) who holds a license for the development of the Karish and Tanin gas reservoirs. Under the agreement, Energean is expected to supply the Company with natural gas (NG) at a quantity of up to 13 BCM, at a value of $1.8 billion, over a period of 15 years, commencing with the commercial operation of Karish and Tanin. The NG from the reservoirs will be used for running ICL’s factories and power stations in Israel. In 2018, the Company enter ed into two supply agreements with Tamar and Leviathan reservoirs to secure its gas supply needs until the end of 2025 or until the entry of the Karish and Tanin reservoirs into service, whichever occurs first . In February 2020, Energean announced a "Force Majeure" under the GSPA and of potential expected delays in the supply of NG. ICL rejected the announcement . In October 2020, the Company chose to exercise its rights for early termination of its agreements with Tamar and Leviathan reservoirs, and to sign an exclusive agreement with Tamar reservoir to supply the full amount of NG consumed by the Company in the interim period, until full gas supply is obtained from Energean, at a price of about $4 per MMBTU (hereinafter – the Bridge Agreement). The Bridge Agreement is in effect until the end of April 2022, on a firm basis, with an extension option on an interruptible basis until December 31, 2022. In January 2022, Energean announced that the gas supply is expected to be postponed until the third quarter of 2022, following its previous announcement of postponement until mid‑2022. The Company has reserved all of its rights in relation to Energean's announcements. The Company is taking measures to secure its supply of NG considering the continued delays in Energean's supply and believes it is more likely than not that it will obtain sufficient NG for its facilities in Israel until the full supply of NG from Energean is obtained. Nevertheless, considering the current circumstances and additional possible delays in Energean’s supply, as well as expected high demand, which may lead to potential shortage and/or significant price increase of NG in Israel, there is no certainty that the Company will successfully secure the required NG quantities for its facilities, or their prices from the end of April 2022. Failure to ensure sufficient supply of NG for the Company's facilities and/or to preserve the current price environment may lead to a material impact on the Company's business, financial position and results of operations. (5) In June 2020, the Company entered into a long-term lease agreement with a third party, according to which ICL will lease an office building in Be'er Sheva Israel for a period of 15 years, with a 10-year extension option, at an annual rent of about $3 million. The lease period is expected to commence in 2024 (at the completion of the construction period). (6) The Articles of Association of the Company and its Israeli subsidiaries include provisions that permit exemption, indemnification and insurance of the liability of officers, all in accordance with the provisions of the Companies Law. The Company, with the approval of its HR & Compensation Committee, the Board of Directors and the General Meeting of the shareholders, granted its officers a letter of exemption and indemnification, and also maintains an insurance policy covering directors ' and officers' liability. The directors' and officers' liability insurance and the exemption and indemnity undertaking do not apply to those cases specified in Section 263 of the Companies Law. The exemption relates to damage caused and/or will be caused, by those officers as a result of a breach of the duty of care to the Company. Regarding directors who are office holders of Israel Corp., who may serve from time to time, on January 5, 2021, the shareholders' general meeting approved the extension of the period for exemption and indemnification entered into with such office holders, for an additional 9 years, commencing November 30, 2020, provided that the exemption shall not apply to liabilities arising in connection with a transaction or resolution in wh ich a controlling shareholder or an office holder, including an office holder who is other than the office holder party to the agreement, has a personal interest. The amount of the indemnification payable by the Company under the letter of indemnification, in addition to amounts received from an insurance company, if any, for all of the officers on a cumulative basis, for one or more of the events detailed therein, is limited to $300 million. The insurance is renewed annually. B. Concessions (1) Dead Sea Works Ltd. (hereinafter – DSW) Pursuant to the Israeli Dead Sea Concession Law, 1961 (hereinafter – the Concession Law), as amended in 1986, and the concession deed attached as an addendum to the Concession Law, DSW was granted a concession to utilize the resources of the Dead Sea and to lease the land required for its plants in Sodom for a period ending on March 31, 2030, accompanied by a priority right to receive the concession after its expiration, should the Government decide to offer a new concession. In accordance with section 24 (a) of the Supplement to the Concession Law, it is stated, among other things, that at the end of the co ncession period all the tangible assets at the concession area will be transferred to the government, in exchange for their amortized replacement value – the value of the assets as if they are purchased as new at the end of the concession period, less thei r technical depreciation based on their maintenance condition and the unique characteristics of the Dead Sea area. Pursuant to section 24 (b) of the Supplement to the Concession Law, it is stated that capital investments made 10 years before the concessio n ends (i.e., April 2020) to the end of the concession period require a prior consent of the Government, unless they can be fully deducted for tax purposes before the end of the concession period. However, the Government's consent to any fundamental invest ment that may be necessary for the proper operation of the plant, will not be unreasonably delayed or suspended. In 2020, a work procedure was signed between the Company and the Israeli Government for the purpose of implementing section 24(b). The procedur e determines, among other things, the manner of examining new investments and the consent process. In addition, the procedure determines the Company's commitment to invest in fixed assets, including for preservation and infrastructure, and for ongoing main tenance of the facilities in the concession area (for the period beginning in 2026) and the Company's commitment to continue production of potassium chloride and elemental bromine (for the period commencing 2028), all subject to the conditions specified in the procedure. Such commitments do not change the way the Company currently operates. The Company operates with the Israeli Government in accordance with the procedure and obtains investment approvals from time to time as required. In 2015, the Minister of Finance appointed a team to determine the “governmental activities to be conducted towards the end of the concession period”. The public’s comments in this matter were submitted to an inter-ministerial team. Based on the interim report and its recommendations published in May 2018, and following a public hearing, in January 2019, the Israeli Ministry of Finance released the final report of the inter-ministry team headed by Mr. Yoel Naveh, former Chief Economist, which includes a series of guidelines and recommendations regarding the actions that the government should take towards the end of the concession period. Since the report includes guiding principles and a recommendation to establish sub‑teams to implement such principles, the Company is unable to assess, at this stage, the concrete implications, or if the recommendations will be implemented in practice, as well as the relevant timing. In addition, there is no certainty as to how the government will interpret the Concession Law and implement processes accordingly . In addition, in 2015, the Minister of Finance appointed a team headed by the (former) Accountant General to evaluate the manner in which, according to the current concession, the replacement value of DSW’s tangible assets would be calculated, assuming that these assets would be returned to the government at the end of the concession period. The determination date of the actual calculation is only at the end of the concession period. As far as the Company is aware, this work has not yet been completed. The consolidated Financial Statements were prepared under management's belief that it is more likely than not, that DSW will continue to operate the relevant assets for their remaining useful lives, which extends beyond the term of the current concession period, by obtaining the renewed concession or by operating the assets for an alternative holder. The consolidated depreciation expenses in 2021, relating to the assets located within the concession area, amounted to about $86 million. As part of the preparation process for the Israeli Subsidiaries’ financial statements, DSW, Dead Sea Bromine and Dead Sea Magnesium for 2016 and onward, which serve as a basis for the financial reports prepared pursuant to the provisions of the Taxation of Natural Resources Law (hereinafter – the Law), the Company received an opinion from an independent appraiser regarding the fair value of fixed assets. The Property, Plant and Equipment value provided in the opinion is based on the Replacement Cost methodology (as used assets) and was estimated at about $6 billion, as of December 31, 2015, the date the Law entered into effect. Though the assets assessed for tax purposes and the assets that may be valuated under the Concession Law are highly correlated, there is no complete identity between them. The Company believes that the applied Replacement Cost Methodology used in the opinion for estimating the fair value coincides with the methodology mentioned in the Concession Law for future valuation of the Property, Plant and Equipment upon termination of the concession period. Nevertheless, there could be other interpretations to the manner of implementation of the Concession Law’s provisions or with respect to the valuation methodology. Therefore, the estimated value with respect to the Concession Law could materially differ from the Company's estimates, even with respect to the same assets and dates. It is expected that the value of the Property, Plant and Equipment, at the end of the concession period, will change as time passes and as a result of purchase and disposal s of assets. Royalties In consideration of the concession, DSW pays royalties to the Government of Israel, calculated at a rate of 5% of the value of the products at the plant gate, less certain expenses. DSW granted a sub‑concession to Dead Sea Bromine Ltd. to produce bromine and its compounds from the Dead Sea, the expiration date of which is concurrent with the DSW concession. The royalties in respect of the products manufactured by Dead Sea Bromine are received by DSW, which then pays them to the State of Israel. Royalties are also paid by Dead Sea Magnesium on the basis of carnallite used for production of magnesium. (2) Rotem Amfert Israel (hereinafter – “Rotem Israel”) Rotem Israel has been mining phosphates in the Negev in Israel for more than sixty years. The mining is conducted in accordance with phosphate mining concessions, which are granted from time to time by the Minister of Energy under the Mines Ordinance, by the Supervisor of Mines in his Office, as well as the mining authorizations issued by the Israel Lands Authority (hereinafter – the Authority). The concessions relate to quarries (phosphate rock), whereas the authorizations cover use of land as active mining areas. Mining Concessions Rotem Israel ha d two mining concessions: (1) Rotem Field (including the Hatrurim Field) and (2) Zafir Field (Oron‑ Zin) which were valid until the end of 2021 . In December 2021, the Ministry of Energy granted Rotem Israel an extension to a unified concession (which includes all Rotem's mining fields) for an additional three years, until the end of 2024. In order to comply with the concession's provisions, the Company undertook, among other things, to assure that Rotem meets its existing obligations to rehabilitate its mining and plants areas, according to outlined requirements attached to the new concession, also by means of a bank guarantee in the amount of $19 million. As part of the Company’s efforts to secure Rotem Israel’s future phosphate rock resources, in January 2022, the Ministry of Energy granted Rotem Israel an exploration license for phosphate in an area of 1,065 dunams, North of the Oron Concession. The license is valid until the end of 2023. The Company intends to carry out the examinations required to establish the existence of minerals in this area. Lease Agreements Rotem Israel has two lease agreements in effect until 2024 and 2041 and an additional lease agreement of the Oron plant, which the Company has been working to extend since 2017, by exercising the extension option provided in the agreement. Mining Royalties As part of the terms of the concessions in respect of mining of phosphate, Rotem Israel is required to pay the State of Israel royalties based on a calculation as stipulated in the Israeli Mines Ordinance. In accordance with the Mines Ordinance (Third addendum A), the royalty rate for production of phosphates is 5% of the value of the quarried material. As part of the process of extending the concession as detailed above, an order was issued by the Ministry of Energy to amend the Third addendum A which is intended to anchor and clarify the basis for calculating the royalties and its components in the coming years. Following the provision of the order, the Company also aligned its royalties' calculation for prior years, and as a result, recognized an additional amount of $7 million. Planning and Building The mining and quarrying activities require a zoning approval of the site based on a plan in accordance with the Israeli Planning and Building Law, 1965. These plans are updated, as needed, from time to time. As of the reporting date, there are various requests at different stages of deliberations pending before the planning authorities. Zin-Oron area - In 2016, the District Board for the Southern District approved a detailed site plan for mining phosphates in the Zin‑Oron area. This plan, which covers an area of about 350 square kilometers, will permit the continued mining of phosphate located in the Zin valley and in the Oron valley for a period of 25 years or until the exhaustion of the raw material – whichever occurs first, with the possibility for extension (under the authority of the District Planning Board). Barir field - the government’s Housing Cabinet ap proved the National Outline Plan (hereinafter - NOP 14B). In 2018, the Minister of Health filed an appeal of the said approval, requiring compliance with the Ministry of Health’s recommendation to conduct a survey regarding the health impact in each site included in NOP 14B. As part of a discussion in the Housing Cabinet regarding the appeal, it was decided, with the consent of the Ministries of Health, Finance and Energy, to remove the appeal and to approve the NOP 14B, which was formally published later. In addition, it was decided to establish a team with representatives of the ministries of Treasury, Health, Transportation, Environmental Protection and Energy (hereinafter – The Inter-ministerial team ) , which will present to the Housing Cabinet a report that includes health aspects for NOP 14B. In 2018 and 2019, petitions were submitted to the Israeli Supreme C ourt of Justice by the municipality of Arad and by residents of the Bedouin diaspora in the "Arad Valley" against the National Council, the Government of Israel and Rotem Israel, to revoke the approval of NOP 14B and to order the National Council to discus s the NOP directives, while giving proper weight to the health risk. In 2020, the inter-ministerial team reached an outline agreement regarding the examination of the health aspects of the NOP 14B, which, according to the state, constitutes an appropriate response for the review of potential health hazards on which the petitions focus. In October 2021, the Israeli Suprem e Court of Justice decided to reject the petitions. The court’s decision followed the National Planning and Building Council's decision, from August 2021, to incorporate the main points of the outline agreement in the provisions of NOP 14B. In November 2021, the Housing Cabinet, approved once again the amended NOP 14B, following which, the Minister for Environmental Protection submitted a request for a government review of past decisions, which in accordance with the decision of the Ministry of the Interior will be held within 180 days, prior to promoting the Barir Detailed NOP. In addition to the procedures described above, securing the future of the phosphate mining operations at Rotem Israel depends among other things, on the following matters : • Emissions permit under the Israeli Clean Air Act (hereinafter - the Law): In June 2021, the Company's emission permit was renewed by the Israeli Ministry of Environmental Protection (MoEP), until September 2023. The renewed permit reflects an updated outline of requirements. Postponement in the execution of a limited number of projects was granted within the framework of an administrative order under Section 45 of the Law, received in July 2021. Management still expects difficulties in meeting the execution schedules of a limited number of projects and accordingly continues to work with the MoEP to find a satisfactory solution regarding the timing of the investments, taking into account the impact of uncertainty surrounding Rotem Israel's activity, as far as the implementation of long-term projects is concerned. • Oron's lease agreement - The Company has been working to extend the lease agreement for Oron's plant area since 2017 by exercising the extension option provided in the agreement. • Phosphogypsum storage - In October 2021, a new Urban Building Plan was approved, the main objectives of which are to regulate areas for phosphogypsum storage reservoirs. According to the new Plan, the Company is required to obtain building permits involving permit fees. Due to the ambiguity of the guidelines regarding the fee's calculation, there is a difficulty in estimating the future required outflows. • Energy Production – In order to ensure the continuity of energy production in Rotem Israel, and in accordance with the policy of the Ministry of Energy and the Ministry of Environmental Protection, the Company is working to accelerate the completion of a project to replace existing energy production infrastructure at Rotem, which utilizes oil shale, with a natural gas-based steam boiler, so it will be completed before the existing mined reserves of oil shale are utilized. • Finding economically feasible alternatives for continued mining of phosphate rock in Israel – According to the Company's assessment of economic phosphate reserves in the existing mining areas and the estimated useful life of Rotem's phosphate rock reserves, which are essential for its production, is limited to only a few years. As described above, the Company is working to obtain permits and approvals which will provide an economic alternative for future mining of phosphate rock in Israel. The Company is continuing its discussions with the relevant authorities, in order that the required approvals, permits and future phosphate rock resources are granted. The Company estimates that it is more likely than not that the said approvals, permits and future phosphate rock resources will be granted within a timeframe that will not materially impact the Company's results. Nevertheless, there is no certainty as to the receipt of such approvals, permits and future phosphate rock resources and/or the date of their receipt. Failure to obtain these approvals, permits and future phosphate rock resources, or a significant delay in receiving them can lead to a material impact on the Company's business, financial position and results of operations. (3) ICL Iberia – a subsidiary in Spain ICL Iberia was granted mining rights based on legislation of Spain’s Government from 1973 and the regulations accompanying this legislation. Further t o the legislation, the g overnment of the Catalonia region published special mining regulations whereby ICL Iberia received individual licenses for each of the 126 different sites that are relevant to current and possible future mining activities. Some of t he licenses are valid until 2037 and the remainder are effective until 2067. The concession for the "Reserva Catalana", an additional site where mining did not commence, expired in 2012. The Company is acting in cooperation with the Spanish Government to obtain a renewal of the concession. According to the Spanish authorities, the concession period is valid until a final decision is made regarding the renewa l. (4) United Kingdom A. The mineral leases of ICL Boulby, ICL's subsidiary in the United Kingdom (hereinafter – ICL Boulby), are based on approximately 74 mineral leases and licenses for extracting various minerals, in addition to numerous easements and rights of way from private owners of land under which ICL Boulby operates, and mineral lease rights under the North Sea granted by The Crown Estates. The mineral lease rights with The Crown Estates, include provisions to explore and exploit all targeted and known polyhalite mineral resources of interest to ICL Boulby. Said leases cover a total area of about 822 square kilometers (onshore leases total around 32 square kilometers and offshore leases from the Crown Estates cover around 790 square kilometers). All the lease periods, licenses, easements and rights of way are effective, some until 2022 and others until 2038. The Company is acting to renew the rights necessary for the mining operation which expire in 2022, or, alternatively, to seek ownership of these rights. Regarding ICL Boulby's planning permit for mineral exploitation, which is valid until 2023, in December 2021, the North York Moors Park Authority Planning Committee approved ICL Boulby Mine’s application for the continuation of polyhalite and salt production for an additional 25 years, commencing 2023. The Company believes, it is more likely than not that it will obtain renewal or ownership of all the needed rights and permits . With respect to the mining royalties, ICL Boulby pays royalties of 1.5% which in 2021, amounted to $1.4 million. B. A UK subsidiary which is a part of the Innovative Ag Solutions segment (hereinafter – Everris Limited), has peat mines in the UK (Creca, Nutberry and Douglas Water). Peat is used as a component to produce professional growing media. All sites are owned by Everris Limited. The current extraction permits are granted by the local authorities and are renewed after examining the renewal applications. The extraction permits for Nutberry and Douglas Water were granted until the end of 2024 and until 2037 for Creca. (5) YPH - China Mining Concessions YPH , ICL's subsidiary in China, which is equally owned with Yunnan Phosphate Chemicals Group Corporation Ltd. ( " YYTH " ) , holds two phosphate mining licenses that were issued in July 2015, by the Division of Land and Resources of the Yunnan district in China: (1) a mining license for the Haikou Mine (hereinafter – Ha ikou) which the Company operat e s and which is valid until January 2043, and (2) a mining license for the Baitacun Mine, which was renewed in 2021, and is valid until 2023. The Company intends to conduct a risk survey to assess the feasibility and profitabl y of mining the site . Grant of Mining Rights to Lindu In 2016, a subsidiary of YYTH (hereinafter – YPC) issued a statement whereby in 2010 it entered into agreements with the local authority of Jinning County, Yunnan Province and Jinning Lindu Mining Development and Construction Co. Ltd. (hereinafter - Lindu Company), according to which Lindu Company is permitted to mine up to two million tonne s of phosphate rock from a certain area measuring 0.414 square kilometers within the area of the Haikou mine (hereinafter – the Daqing Area) and to sell such phosphate rock to any third party in its own discretion. YPC has undertaken that YPH’s mining rig ht in the Haikou mine will not be adversely affected by the above-mentioned arrangements. It was decided that YPH should conduct further communications with YPC and Lindu Company, for the purpose of protecting its legal rights and to urge the parties to re ach a fair, just, and reasonable solution to this issue, as soon as possible. Natural Resources Royalties With respect to the mining rights, in accordance with China "Natural Resources Tax Law", YPH pays royalties of 8% on the selling price based on the market price of the rock prior to its processing. Planning and Building The production process in YPH requires the Company to operate gypsum and flotation ponds that accumulate phosphogypsum fluid and other materials formed in the production processes. The Company has successfully reached an alignment with the authorities to allow the continuation of its current operations in its ponds until March 2022. YPH is planning to expand its ponds area as part of its ongoing operations plan beyond that date. As of the reporting date, the Company is awaiting the final official certification, which was already obtained verbally in the discussions with the authorities, that will enable the required ponds expansion. C. Contingent liabilities (1) Ecology A. In September 2020, an application for a class action was filed in the Beer Sheva District Court in Israel against the Company, the Company's subsidiary Rotem Israel, and certain of the Company's present and past office‑holders by a number of local residents in the Arava region in the south of Israel (hereinafter – the Applicants). The Applicants claim that discharge, leakage and seepage of wastewater from ICL's Zin site allegedly caused various environmental hazards to the Zin stream, which resulted in damage to various groups in Israel’s population, including: the Israeli public whose property is Zin stream; those who avoided visiting Zin stream due to the environmental hazards; visitors of Zin stream who were exposed to the aforementioned hazards and the residents of the area near Zin stream who were affected by the hazards. Accordingly, the Applicants request several remedies, including restitution and compensation for the damage that they claim was caused to the various groups in a minimum amount of NIS 3 billion (approximately $933 million), the majority of which relates to compensation for claimed consequential damages. Following the Applicants’ request for temporary relief, a hearing procedure is being held, in the framework of which the Court ordered to receive a regulator position before giving a final decision. The regulator position is expected to be submitted in March 2022.The Company rejects all the said allegations. Considering the preliminary stage of the proceeding and lack of precedents of such cases in Israel, there is a difficulty in estimating its outcome. No provision has been recorded in the Company's financial statements. B. In July 2019, an application for approval of a claim as a class action was submitted to the Jerusalem District Court by an Israeli environmental association (hereafter - the Applicant) against 30 defendants, including Fertilizers and Chemicals Ltd., a subsidiary of the Company (hereinafter – the Respondents). The application includes claims relating to air pollution in Haifa Bay (located in northern Israel) and to alleged illness therefrom to the population of the said area. Within the framework of the petition, the Applicant requests declarative relief and the establishment of a mechanism for compensation awards, without specifying their amount, or alternatively, for splitting remedies to allow each group member to sue for damages in a separate proceeding. On January 10, 2022, the Company filed its response objecting to the petition. A hearing procedure is currently being held, in the framework of which a deliberation should take place in the first quarter of 2022. Considering the early stage of the proceeding and the limited precedents of such cases in Israel, there is a difficulty in estimating its outcome. No provision has been recorded in the Company's financial statements. C. In March 2018, an application for certification of a claim as a class action was filed with the Be’er Sheva District Court by two groups: the first class constituting the entire public of the State of Israel and the second-class constituting visitors of the Bokek stream and the Dead Sea (hereinafter – the Applicants), against the subsidiaries, Rotem Israel and Periclase Dead Sea Ltd. (hereinafter – the Respondents). According to the claim, the Respondents have allegedly caused continuous, severe and extreme environmental hazards through pollution of the “Judea group – Zafit formation” groundwater aquifer (hereinafter – the Aquifer) and the Ein Bokek spring with industrial wastewater, and , in doing so , the Respondents have violated various provisions of property law and environmental protection law, including the provisions of the Law for Prevention of Environmental Hazards and the Water Law, as well as violations relating to the Torts Ordinance – breac h of statutory duty, negligence and unjust profits. As a result, the Court was requested to order the Respondents to eliminate the proprietary violation in reference to the Aquifer and Bokek stream by restoration thereof and to pay the public compensation in an estimated amount of NIS 1.4 billion (about $435 million). In July 2019, the Respondents filed their response, together with three expert opinions, in which they denied all the Applicant's claims. In 2021, the petitioners notified the Court of their decision to cease the mediation process, which was initiated at the end of 2020. Following the petitioners request, the Court's proceedings were renewed. Considering the early stage of the proceedings, the limited precedents of such cases in Israel and due to preliminary issues that arise from the request, there is a difficulty in estimating their outcome. No provision has been recorded in the Company's financial statements. D. I In the framework of the second application, the Court was |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [abstract] | |
Note 19 - Equity | Note 19 – Equity A. Composition: As of December 31, 2021 As of December 31, 2020 Authorized Issued and paid Authorized Issued and paid Number of ordinary shares of Israeli Shekel 1 par value (in millions) 1,485 1,312 1,485 1,305 Number of Special State shares of Israeli Shekel 1 par value 1 1 1 1 (*) For information regarding the amount of treasury shares, see Note 19.G.(1). The reconciliation of the number of shares outstanding at the beginning and end of the year is as follows Number of Outstanding Shares (in millions) As of January 1, 2020 1,305 Issuance of shares - As of December 31, 2020 1,305 Issuance of shares 7 As of December 31, 2021 1,312 B. Rights conferred by the shares (1) The ordinary shares grant their holders voting rights in General Meetings of the Company, the right to participate in shareholders’ meetings, the right to receive dividends and the right to a share in excess assets upon liquidation of ICL. (2) The Special State of Israel Share, held by the State of Israel for the purpose of monitoring matters of vital interest to the State of Israel, grants special rights to make decisions, among other things, on the following matters: - Sale or transfer of company assets, which are “essential” to the State of Israel, not in the ordinary course of business. - Voluntary liquidation, change or reorganization of the organizational structure of ICL or merger (excluding mergers of entities controlled by ICL, directly or indirectly, that would not impair the rights or power of the Government, as holder of the Special State Share). - Any acquisition or holding of 14% or more of the issued share capital of ICL. - The acquisition or holding of 25% or more of the issued share capital of ICL (including augmentation of an existing holding up to 25%), even if there was previously an understanding regarding a holding of less than 25%. - Any percentage of holding of the Company’s shares, which grants its holder the right, ability or actual possibility to appoint, directly or indirectly, such number of the Company’s directors equal to half or more of the Company’s directors appointed. During the second half of 2018, an inter-ministry team was established, headed by the Ministry of Finance, whose purpose is, among other things, to regulate the authority and supervision in respect of the Special State of Israel Share, as well as reduce the regulatory burden. In 2019, the work of this team was suspended until further notice due to the dissolution of the Knesset and lack of permanent Government. The Company is unable to estimate when or whether the team will recommence and what are the implications of this process over the Company, if any. C. Share-based payments 1. Non-marketable options Grant date Employees entitled Number of instruments (thousands) Issuance’s details Instrument terms Vesting conditions Expiration date August 6, 2014 Officers and senior employees 3,993 An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. In case that on the exercise date the closing price of an ordinary share is higher than twice the exercise price (the “Share Value Cap”), the number of the exercised shares will be reduced so that the product of the exercised shares actually issued to an offeree multiplied by the share closing price will equal to the product of the number of exercised options multiplied by the Share Value Cap. 3 equal tranches: (1) one third on December 1, 2016 (2) one third on December 1, 2017 (3) one third on December 1, 2018 Two years from the vesting date. June 30, 2016 Officers and senior employees 3,035 Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date June 30, 2023 September 5, 2016 Former chairman of BOD 186 February 14, 2017 Former CEO 114 February 14, 2024 June 20, 2017 Officers and senior employees 6,868 June 20, 2024 August 2, 2017 Former chairman of BOD 165 March 6, 2018 Officers and senior employees 5,554 March 6, 2025 Grant date Employees entitled Number of instruments (thousands) Issuance’s details Instrument terms Vesting conditions Expiration date May 14, 2018 CEO 385 An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date May 14, 2025 August 20, 2018 Former chairman of BOD 403 August 20, 2025 April 15, 2019 Officers and senior manager 13,242 2 equal tranches: 5 years after the grant date June 27, 2019 CEO 3,512 May 29, 2019 * Chairman of BOD 2,169 June 30, 2021 Senior employees 647 * The options were issued upon Mr. Doppelt’s entry into office on July 1, 2019. Additional Information The options issued to the employees in Israel are covered by the provisions of Section 102 of the Israeli Income Tax Ordinance. The issuance is performed through a trustee under the Capital Gains Track. The exercise price is linked to the known CPI as of the date of payment, which is the exercise date. In the event that the Company of distributes a dividend, the exercise price is reduced on the “ex dividend” date, by the amount of the dividend per share (gross), based on the amount in NIS thereof at the effective date. The fair value of the options granted in 2014, as part of 2014 amended equity compensation plan, was estimated using the binomial model for pricing options. The grants in 2016 until 2019 and 2021 under the amended 2014 Equity Compensation Plan, were estimated using the Black & Scholes model for pricing options. The parameters used in applying the models are as follows: 2014 Plan Granted 2014 Granted 2016 Granted 2017 Granted 2018 Granted 2019 Granted 2021 Share price (in $) 8.2 3.9 4.5 4.4 5.4 6.8 CPI-linked exercise price (in $) 8.4 4.3 4.3 4.3 5.3 7.1 Expected volatility: First tranche 29.40% 30.51% 31.88% 28.86% 27.85% 31.70% Second tranche 31.20% 30.51% 31.88% 28.86% 27.85% 31.70% Third tranche 40.80% 30.51% 31.88% 28.86% - - Expected life of options (in years): First tranche 4.3 7.0 7.0 7.0 4.4 4.4 Second tranche 5.3 7.0 7.0 7.0 4.4 4.4 Third tranche 6.3 7.0 7.0 7.0 - - Risk-free interest rate: First tranche (0.17)% 0.01% 0.37% 0.03% (0.67)% 0.43% Second tranche 0.05% 0.01% 0.37% 0.03% (0.67)% 0.43% Third tranche 0.24% 0.01% 0.37% 0.03% - - Fair value (in $ millions) 8.4 4.0 11.3 8.8 7.5 0.6 Weighted average grant date fair value per option (in $) 1.9 1.1 1.6 1.4 1.2 1.3 The expected volatility was determined based on the historical volatility in the Company’s share prices in the Tel-Aviv Stock Exchange. The expected life of the options was determined according to Management’s estimate of the period in which the employees will hold the options, taking into consideration their position with the Company and the Company’s past experience regarding the turnover of employees. The risk‑free interest rate was determined based on the yield to maturity of shekel‑denominated Israeli Government debentures, with a remaining life equal or similar to the anticipated life of the option. The cost of the benefit embedded in the options and shares from the amended Equity Compensation Plan 2014 is recognized in the statement of income over the vesting period of each portion. Accordingly, in 2021, 2020, and 2019, the Company recorded expenses of $6 million, $8 million and $12 million, respectively. The movement in the options are as follows: Number of options (in millions) Balance as of January 1, 2020 30 Movement in 2020: Expired during the year (2) Exercised during the year (1) Total options outstanding as of December 31, 2020 27 Movement in 2021: Granted during the year 1 Exercised during the year (16) Total options outstanding as of December 31, 2021 12 Subsequent to the date of the report In February 2022, the Company’s HR & Compensation Committee and the Board of Directors, approved a new triennial equity grant for the years 2022-2024 in the form of about 13 million non-marketable and non-transferable options for no consideration, under the amended 2014 Equity Compensation Plan to senior managers (including the CEO and the Chairman of the Board). The Fair value at the grant date (February 8, 2022) is about $24.5 million. Regarding to the grant of the CEO and the Chairman of the Board, the final quantity and fair value of their options will be determined at the date of the Annual General Meeting of Shareholders. The vesting period of the options will be in three equal tranches, upon the lapse of 12 months, 24 months and 36 months from the grant date. The exercise prices for options outstanding at the beginning and end of each period are as follows: December 31, 2021 December 31, 2020 December 31, 2019 Granted 2014 US Dollar - - 7.15 Granted 2016 US Dollar 4.61 4.56 4.36 Granted 2017 US Dollar 4.19 4.17 4.01 Granted 2018 US Dollar 4.11 4.12 3.99 Granted 2019 US Dollar 5.77 5.66 5.42 Granted 2021 US Dollar 7.39 - - The number of outstanding vested options at the end of each period and the weighted average of the exercise price for these options are as follows (*): December 31, 2021 December 31, 2020 December 31, 2019 Number of options exercisable (in Millions) 4 11 12 Weighted average exercise price in Israeli Shekel 14.29 13.89 15.19 Weighted average exercise price in US Dollar 4.59 4.32 4.40 (*) The share price as of December 31, 2021, is NIS 30.01 and $9.65. The range of exercise prices for the options outstanding vested at the end of each period is as follows: December 31, 2021 December 31, 2020 December 31, 2019 Range of exercise price in Israeli Shekel 12.77-18.06 13.15-18.32 13.55-24.71 Range of exercise price in US Dollar 4.11-5.81 4.09-5.70 3.92-7.15 The average remaining contractual life for the outstanding vested options at the end of each period is as follows: December 31, 2021 December 31, 2020 December 31, 2019 Average remaining contractual life 2.83 3.58 3.85 2. Restricted shares Grant date Employees entitled Number of instruments (thousands) Vesting conditions (*) Instrument terms Additional Information Fair value at the grant date (Million) June 30, 2016 Officers and senior employees 990 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date An issuance for no consideration, under the amended 2014 Equity Compensation Plan. The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the approval date of the BOD and/or the approval date of the General Meeting where required). 4.1 September 5, 2016 Former chairman of BOD 55 June 20, 2017 Officers and senior employees 2,211 10 August 2, 2017 Former chairman of BOD 53 0.3 January 10, 2018 ICL’s Directors (excluding ICL’s CEO & Chairman of the BOD) 137 0.6 March 6, 2018 Officers and senior employees 1,726 8 May 14, 2018 CEO 121 0.6 August 20, 2018 Former chairman of BOD 47 0.2 April 23, 2020 ICL’s Directors (excluding directors who are officers or directors of Israel Corporation Ltd.) 177 3 equal tranches: (1) one third on January 1, 2021 (2) one third on January 1, 2022 (3) one third on January 1,2023 The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the Grant Date (the approval date of the annual General Meeting of shareholders). 0.6 (*) Vesting of the Restricted Shares would be fully accelerated if the holder ceases to serve as a director of the Company, unless he/she ceased to hold office due to those certain circumstances regarding early termination of office or imposition of enforcement measures, as set forth in Sections 231-232a and 233(2) of the Israeli Companies Law. D. Dividends distributed to the Company’s Shareholders The date of Board of to distribute the dividend Actual date of distribution of the dividend Gross amount of the dividend distributed (in millions of $) Net amount of the distribution (net of the subsidiary’s share) (in millions of $) Amount of the dividend per share (in $) February 4, 2019 March 13, 2019 62 61 0.05 May 6, 2019 June 19, 2019 76 75 0.06 July 30, 2019 September 24, 2019 74 73 0.06 November 5, 2019 December 18, 2019 65 64 0.05 Total 2019 277 273 0.22 February 11, 2020 March 18, 2020 23 23 0.02 May 10, 2020 June 17, 2020 30 30 0.02 July 27, 2020 September 16, 2020 36 36 0.03 November 10, 2020 December 16, 2020 29 29 0.02 Total 2020 118 118 0.09 February 10, 2021 March 16, 2021 34 34 0.03 May 5, 2021 June 16, 2021 67 67 0.05 July 27, 2021 September 1, 2021 68 68 0.05 November 3, 2021 December 15, 2021 107 107 0.08 Total 2021 276 276 0.21 February 8, 2022* March 8, 2022 169 169 0.13 (*) E. Cumulative translation adjustment The translation reserve includes all translation differences arising from translation of financial statements of foreign operations. F. Capital reserves The capital reserves include expenses for share‑based compensation to employees against a corresponding increase in equity (See item C above) and change in investment at fair value through other comprehensive income (See Note 21.E(3)). G. Treasury shares During 2008 and 2009 22.4 million shares were acquired by the Group under a purchase plan, for a total consideration of approximately $258 million. Total shares held by the Group are about 24.5 million. |
Details of Income Statement Ite
Details of Income Statement Items | 12 Months Ended |
Dec. 31, 2021 | |
Details Of Income Statement [Abstract] | |
Note 20 - Details of Income Statement Items | Note 20 - Details of Income Statement Items For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Sales 6,955 5,043 5,271 Cost of sales Materials consumed 2,342 1,647 1,702 Cost of labor 906 794 766 Depreciation and amortization 413 416 384 Energy and fuel 343 316 340 Other 340 380 262 4,344 3,553 3,454 For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Selling, transport and marketing expenses Land and Marine transportation 742 515 509 Cost of labor 171 134 133 Other 154 117 125 1,067 766 767 General and administrative expenses Cost of labor 166 136 153 Professional Services 44 32 42 Other 66 64 59 276 232 254 Research and development expenses, net Cost of labor 52 40 36 Other 12 14 14 64 54 50 For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Other income Capital gain 16 - 12 Profit from divestment 14 - - Past service cost 12 11 5 Reversal of provision for legal claims 11 - 7 Reversal of Impairment of fixed assets 9 - 10 Other 1 9 6 Other income recorded in the income statements 63 20 40 Other expenses Provision for legal claims 17 - 14 Provision for historical waste removal and site closure costs 14 83 7 Transaction costs 8 - - Impairment and disposal of assets 9 90 - Provision for early retirement and dismissal of employees - 78 5 Other 9 5 4 Other expenses recorded in the income statements 57 256 30 For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Financing income and expenses Financing income: Net gain from change in fair value of derivative designated as economic hedge 59 - 45 Net gain from change in fair value of derivative designated as cash flow hedge 18 54 38 Interest income from banks and others 17 7 8 94 61 91 Financing expenses: Interest expenses to banks and others 126 120 125 Net loss from changes in exchange rates 79 58 72 Financing expenses in relation to employees’ benefits 23 38 39 Banks and finance institutions commissions (mainly commission on early repayment of loans) 6 4 3 Net loss from change in fair value of derivative designated as economic hedge - 23 - Financing expenses 234 243 239 Net of borrowing costs capitalized 18 24 19 216 219 220 Net financing expenses recorded in the income statements 122 158 129 |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Note 21 - Financial Instruments and Risk Management | Note 21 - Financial Instruments and Risk Management A. General The Company has extensive international operations wherein it is exposed to credit, liquidity and market risks (including currency, interest and other price risks). In order to reduce the exposure to these risks, the Company holds financial derivative instruments, (including forward transactions, SWAP transactions, and options) to reduce the exposure to foreign currency risks, commodity price risks, energy and marine transport and interest risks. Furthermore, the Company holds derivative financial instruments to hedge the exposure and changes in the cash flows. The transactions in derivatives are executed with large Israeli and non-Israeli financial institutions, and therefore Company management believes the credit risk in respect thereof is low. This Note presents information about the Company's exposure to each of the above risks, and the Company's objectives, policies and processes for measuring and managing risk. The Company regularly monitor the extent of our exposure and the rate of the hedging transactions for the various risks described below. The Company execute hedging transactions according to our hedging policy with reference to the actual developments and expectations in the various markets. B. Groups and measurement bases of financial assets and financial liabilities As of December 31, 2021 Financial assets Financial liabilities Measured at fair value through the statement of income Measured at amortized cost Measured at fair value through the statement of income Measured at amortized cost $ millions $ millions $ millions $ millions Current assets Cash and cash equivalents - 473 - - Short-term investments and deposits - 91 - - Trade receivables - 1,418 - - Other receivables - 45 - - Foreign currency derivative designated as economic hedge 23 - - - Marine transport derivative designated as economic hedge 2 - - - Foreign currency and interest derivative instruments designated as cash flow hedge 23 - - - Non-current assets Foreign currency and interest derivative instruments designated as cash flow hedge 97 - - - Other non-current asset - 14 - - Total financial assets 145 2,041 - - Current liabilities Short term debt - - - (577) Trade payables - - - (1,064) Other current liabilities - - - (153) Foreign currency derivative designated as economic hedge - - (3) - Non-current liabilities Long term debt and debentures - - - (2,436) Interest derivative instruments designated as economic hedge - - (7) - Other non- current liabilities - - - (49) Total financial liabilities - - (10) (4,279) Total financial instruments, net 145 2,041 (10) (4,279) As of December 31, 2020 Financial assets Financial liabilities Measured at fair value through the statement of income Measured at fair value through the statement of comprehensive income Measured at amortized cost Measured at fair value through the statement of income Measured at amortized cost $ millions $ millions $ millions $ millions $ millions Current assets Cash and cash equivalents - - 214 - - Short-term investments and deposits - - 100 - - Trade receivables - - 883 - - Other receivables - - 122 - - Investments at fair value through other comprehensive income - 53 - - - Foreign currency and interest derivative designated as economic hedge 24 - - - - Non-current assets Foreign currency and interest derivative instruments designated as cash flow hedge 115 - - - - Investments at fair value through other comprehensive income - 83 - - - Other non-current asset - - 8 - - Total financial assets 139 136 1,327 - - Current liabilities Short term debt - - - - (679) Trade payables - - - - (740) Other current liabilities - - - - (156) Foreign currency and interest derivative designated as economic hedge - - - (42) - Energy and marine transport derivative designated as economic hedge - - - (1) - Non-current liabilities Long term debt and debentures - - - - (2,053) Foreign currency and interest derivative designated as economic hedge - - - (13) - Foreign currency and interest derivative instruments designated as cash flow hedge - - - (28) - Other non- current liabilities - - - - (53) Total financial liabilities - - - (84) (3,681) Total financial instruments, net 139 136 1,327 (84) (3,681) C. Credit risk (1) General (a) Customer credit risks Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and it arises mainly from the Company’s receivables from customers and from other receivables as well as from investments in securities. The Company sells to a wide range and large number of customers, including customers with material credit balances. On the other hand, the Company does not have a concentration of sales to individual customers. The Company has a regular policy of insuring the credit risk of its customers by means of purchasing credit insurance with insurance companies, other than sales to government agencies and sales in small amounts. Most of all other sales are executed only after receiving approval of coverage in the necessary amount from an insurance company or other collaterals of a similar level. The use of an insurance company as aforementioned ensures that the credit risk is managed professionally and objectively by an expert external party and transfers most of the credit risk to third parties. Nevertheless, the common deductible in credit insurances is 10% (even higher in a small number of cases) thus the Company is still exposed to part of the risk, out of the total insured amount. In addition, the Company has an additional deductible cumulative annual amount of approximately $6 million through a Most of the Company’s customers have been trading with the Company for many years and only rarely have credit losses been incurred by the Company. The financial statements include specific allowance for doubtful debts that appropriately reflect, in Management’s opinion, the credit loss in respect of accounts receivables which are considered doubtful. (b) Credit risks in respect of deposits The Company deposits its balance of liquid financial assets in bank deposits and in securities. All the deposits are with a diversified group of leading banks preferably with banks that provide loans to the Company. (2) Maximum Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: As of December 31 Carrying amount ($ millions) 2021 2020 Cash and cash equivalents 473 214 Short term investments and deposits 91 100 Trade receivables 1,418 883 Other receivables 45 122 Derivatives 145 139 Other non-current assets 14 8 2,186 1,466 The maximum exposure to credit risk for trade receivables, at the reporting date by geographic region was: As of December 31 Carrying amount ($ millions) 2021 2020 Asia 440 258 Europe 362 330 South America 306 68 North America 193 144 Israel 95 67 Other 22 16 1,418 883 (3) Aging of debts and impairment losses The aging of trade receivables at the reporting date was: As of December 31 2021 2020 Gross Impairment Gross Impairment $ millions $ millions $ millions $ millions Not past due 1,313 (1) 788 - Past due up to 3 months 82 - 58 - Past due 3 to 12 months 23 (2) 7 (1) Past due over 12 months 9 (6) 40 (9) 1,427 (9) 893 (10) (3) Aging of debts and impairment losses (cont'd) The movement in the allowance for doubtful accounts during the year was as follows: 2021 2020 $ millions $ millions Balance as of January 1 10 3 Additional allowance (3) 5 Reversals (2) - Changes due to translation differences 4 2 Balance as of December 31 9 10 D. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to timely meet its liabilities, under both normal and stressed conditions, without incurring unwanted losses. The Company manages the liquidity risk by holding cash balances, short-term deposits and secured bank credit facilities. The following are the contractual maturities of financial liabilities, including estimated interest payments: As of December 31, 2021 Carrying amount 12 months or less 1-2 years 3-5 years More than 5 years $ millions Non-derivative financial liabilities Short term debt (not including current maturities) 327 329 - - - Trade payables 1,064 1,064 - - - Other current liabilities 153 153 - - - Long-term debt, debentures and others 2,735 352 1,003 799 1,532 4,279 1,898 1,003 799 1,532 Financial liabilities – derivative instruments Foreign currency and interest derivative designated as economic hedge 10 3 - 7 - As of December 31, 2020 Carrying amount 12 months or less 1-2 years 3-5 years More than 5 years $ millions Non-derivative financial liabilities Short term debt (not including current maturities) 296 299 - - - Trade payables 740 740 - - - Other current liabilities 156 156 - - - Long-term debt, debentures and others 2,489 489 529 859 1,559 3,681 1,684 529 859 1,559 Financial liabilities – derivative instruments utilized for economic hedging Foreign currency and interest derivative designated as economic hedge 55 42 - - 13 Energy and marine transport derivative designated as economic hedge 1 1 - - - Foreign currency and interest derivative designated as cash flow hedge 28 - - - 28 84 43 - - 41 E. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the fair value or future cash flows of a financial instrument. 1. Interest risk The Company has loans bearing variable interests and therefore its financial results and cash flows are exposed to fluctuations in the market interest rates. The Company uses financial instruments, including derivatives, in order to hedge this exposure. The Company uses interest rate swap contracts mainly in order to reduce the exposure to cash flow risk in respect of changes in interest rates. As part of the global reform in interest rate benchmarks, the Libor GBP settings ceased from 1 January 2022 and replaced by SONIA (GBP) Benchmark. Most US dollar LIBOR settings will continue to be calculated using panel bank submissions until mid-2023. As of December 31,2021, USD LIBOR continues to be used as a reference rate and in valuation of instruments with maturities that exceed the expected end date for LIBOR. the Company has USD 30 million Libor Based Debt and USD 150 million LIBOR Based derivatives that exceed the expected end date for LIBOR. As of December 31,2021, we have not finalized an agreement with the banks regarding the Libor transition effects on loans and derivatives. (a) Interest Rate Profile Set forth below are details regarding the type of interest on the Company’s non-derivative As of December 31 2021 2020 $ millions $ millions Fixed rate instruments Financial assets 338 165 Financial liabilities (2,466) (2,450) (2,128) (2,285) Variable rate instruments Financial assets 36 223 Financial liabilities (562) (296) (526) (73) (b) Sensitivity analysis for fixed rate instruments Most of the Company’s instruments bearing fixed interest are not measured at fair value through the statement of income. Therefore, changes in the interest rate will not have any impact on the profit or loss in respect of changes in the value of assets and liabilities bearing fixed interest. (c) Sensitivity analysis for variable rate instruments The below analysis assumes that all other variables (except for the interest rate), in particular foreign currency rates, remain constant. As of December 31, 2021 Impact on profit (loss) Decrease of 1% in interest Decrease of 0.5% in interest Increase of 0.5% in interest Increase of 1% in interest $ millions $ millions $ millions $ millions SWAP instruments Changes in U.S. Dollar interest (32) (16) 15 29 Changes in Israeli Shekel interest 39 19 (18) (35) (d) Terms of derivative financial instruments used to hedge interest risk As of December 31, 2021 Carrying amount Stated amount Maturity date Interest rate range $ millions $ millions Years % U.S. Dollar SWAP contracts from variable interest to fixed interest (7) 150 2024 2.47-2.6% Israeli Shekel SWAP contracts from fixed ILS interest to fixed USD interest 119 579 2034 2.4-4.47% As of December 31, 2020 Carrying amount Stated amount Maturity date Interest rate range $ millions $ millions Years % U.S. Dollar SWAP contracts from variable interest to fixed interest (13) 150 2024 2.47%-2.60% Israeli Shekel SWAP contracts from fixed ILS interest to fixed USD interest 87 701 2034 2.40%-4.47% GBP SWAP contracts from variable USD interest to fixed GBP interest. 5 63 18/05/2021 1-month libor Euro SWAP contracts from variable USD interest to fixed EUR interest (41) 324 19/05/2021 1-month libor 2. Currency risk The Company is exposed to currency risk with respect to sales, purchases, assets and liabilities that are denominated in a currency other than the functional currency of the Company. The main exposure is the New Israeli Shekel, Euro, British Sterling, Chinese Yuan Brazilian Real and Turkey Lira. The Company enters into foreign currency derivatives – forward exchange transactions and currency options – all in order to protect the Company from the risk that the eventual cash flows, resulting from existing assets and liabilities, and sales and purchases of goods within the framework of firm or anticipated commitments (based on a budget of up to one year), denominated in foreign currency, will be affected by changes in the exchange rates. (a) Sensitivity analysis A 10% increase at the rate of the US$ against the following currencies would have increased (decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. As of December 31 Impact on profit (loss) 2021 2020 $ millions $ millions Non-derivative financial instruments U.S. Dollar/Euro (80) (96) U.S. Dollar/Israeli Shekel 177 134 U.S. Dollar/British Pound (1) 2 U.S. Dollar/Chinese Yuan 1 (1) U.S. Dollar/Turkey Lira - (1) A 10% decrease of the US$ against the above currencies as of December 31 would have the same effect but in the opposite direction. Presented hereunder is a sensitivity analysis of the Company’s foreign currency derivative instruments as of December 31, 2021. Any change in the exchange rates of the principal currencies shown below would have increased (decreased) profit and loss and equity by the amounts shown below. This analysis assumes that all other variables remain constant. As of December 31, 2021 Increase 10% Increase 5% Decrease 5% Decrease 10% $ millions $ millions $ millions $ millions U.S. Dollar/Israeli Shekel Forward transactions (48) (25) 27 58 Options (40) (18) 25 55 SWAP (69) (36) 40 85 Euro/ U.S. Dollar Forward transactions 22 11 (11) (22) Options 5 2 (3) (6) U.S Dollar/RMB Forward transactions (4) (2) 3 5 (b) Terms of derivative financial instruments used to reduce foreign currency risk As of December 31, 2021 Carrying amount Stated amount Average $ millions $ millions exchange rate Forward contracts U.S. Dollar/Israeli Shekel 3 515 3.2 Euro/U.S. Dollar 4 240 1.2 U.S Dollar/Brazilian Real (1) 37 5.4 U.S. Dollar/British Pound - 16 1.4 U.S. Dollar/Chinese Yuan Renminbi 1 46 6.5 Other - 23 - Currency and interest SWAPs U.S. Dollar/Israeli Shekel 119 579 3.7 Put options U.S. Dollar/Israeli Shekel 14 660 3.2 Euro/U.S. Dollar 2 57 1.2 U.S. Dollar/Japanese Yen - 4 109.7 U.S. Dollar/British Pound - 12 1.4 Call options U.S. Dollar/Israeli Shekel (2) 660 3.2 Euro/U.S. Dollar - 57 1.2 U.S. Dollar/Japanese Yen - 4 109.7 U.S. Dollar/British Pound - 12 1.4 As of December 31, 2020 Carrying amount Stated amount Average $ millions $ millions exchange rate Forward contracts U.S. Dollar/Israeli Shekel 8 377 3.2 Euro/U.S. Dollar - 150 1.2 U.S. Dollar/British Pound - 27 1.4 U.S. Dollar/Chinese Yuan Renminbi - 23 6.6 Other - 53 - Currency and interest SWAPs U.S. Dollar/Israeli Shekel 87 701 3.7 Euro/U.S. Dollar (41) 324 1.1 U.S. Dollar/British Pound 5 63 1.3 Put options U.S. Dollar/Israeli Shekel 13 400 3.3 Euro/U.S. Dollar - 47 1.2 U.S. Dollar/Japanese Yen - 2 107 U.S. Dollar/British Pound - 10 1.3 Call options U.S. Dollar/Israeli Shekel (1) 380 3.3 Euro/U.S. Dollar (2) 47 1.2 U.S. Dollar/Japanese Yen - 2 107 U.S. Dollar/British Pound - 10 1.3 (c) Linkage terms of monetary balances – in millions of Dollars As of December 31, 2021 US Dollar Euro British Pound Israeli Shekel Brazilian Real Chinese Yuan Renminbi Other Total Non-derivative instruments: Cash and cash equivalents 89 23 5 3 76 263 14 473 Short term investments and deposits 86 - - - - 3 2 91 Trade receivables 684 260 41 82 222 91 38 1,418 Other receivables 2 22 1 19 1 - - 45 Other non-current assets 4 4 - - 5 - 1 14 Total financial assets 865 309 47 104 304 357 55 2,041 Short-term debt 196 92 12 184 41 52 - 577 Trade payables 210 216 28 410 103 91 6 1,064 Other current liabilities 33 73 4 18 10 15 153 Long term debt, debentures and others 1,161 499 21 635 51 67 2 2,436 Other non-current liabilities 1 46 - - 2 - - 49 Total financial liabilities 1,601 926 65 1,247 207 225 8 4,279 Total non-derivative financial instruments, net (736) (617) (18) (1,143) 97 132 47 (2,238) Derivative instruments: Forward transactions - 240 16 515 37 46 23 877 Cylinder - 57 12 660 - - 4 733 SWAPS – U.S. Dollar into Israeli Shekel - - - 579 - - - 579 Total derivative instruments - 297 28 1,754 37 46 27 2,189 Net exposure (736) (320) 10 611 134 178 74 (49) As of December 31, 2020 US Dollar Euro British Pound Israeli Shekel Brazilian Real Chinese Yuan Renminbi Others Total Non-derivative instruments: Cash and cash equivalents 114 13 5 2 6 60 14 214 Short term investments and deposits 88 5 - - - 4 3 100 Trade receivables 454 227 35 58 21 51 37 883 Other receivables 72 41 - 7 - - 2 122 Investments at fair value through other comprehensive income - - - - - 136 - 136 Other non-current assets 1 3 - - 4 - - 8 Total financial assets 729 289 40 67 31 251 56 1,463 Short-term debt 267 70 85 181 7 68 1 679 Trade payables 145 163 21 326 11 66 8 740 Other current liabilities 41 68 4 17 - 26 156 Long term debt, debentures and others 1,211 36 22 716 2 60 6 2,053 Other non-current liabilities 2 51 - - - - - 53 Total financial liabilities 1,666 388 132 1,240 20 220 15 3,681 Total non-derivative financial instruments, net (937) (99) (92) (1,173) 11 31 41 (2,218) Derivative instruments: Forward transactions - 150 27 377 15 23 38 630 Cylinder - 47 10 400 20 - 2 479 SWAPS – U.S. Dollar into Israeli Shekel - - - 701 - - - 701 SWAPS – U.S. Dollar into Euro - 324 - - - - - 324 SWAPS – U.S. Dollar into British Pound - - 63 - - - - 63 Total derivative instruments - 521 100 1,478 35 23 40 2,197 Net exposure (937) 422 8 305 46 54 81 (21) 3. Other price risk (a) Investment in shares During the year 2021, the Company sold all of its remaining investment in YYTH shares (about 147 million shares), for a consideration of $293 million. (b) Financial asset at amortized cost As part of the sale of the fire safety and oil additives businesses, in 2018, the Company granted a loan to the buyers, in the carrying amount of $53 million bearing interest to be paid along with the loan principal. As of December 31, 2021, the loan has been fully repaid in a total amount including interest of $74 million . 4. Hedge accounting The Company is exposed to changes in the exchange rate of the shekel against the dollar in respect of principal and interest in certain debentures, loans, labor costs and other operating expenses. The Company's risk management strategy is to hedge the changes in cash flows deriving from liabilities, labor costs and other operational costs denominated in Israeli shekels by using derivatives. These exposures are hedged from time to time, according to the assessment of the exposure and inherent risks against which the Company chooses to hedge, in accordance with the Company's risk management strategy. In view of the above, in the fourth quarter of 2021, the Company designated several forward contracts and options transactions for cash flow hedge and applied hedge accounting. These transactions, which include a portion of labor costs and other operational costs denominated in Israeli shekel, are intended to secure the effect of the change in the exchange rate of the dollar against the hedged portion, thereby protecting the Company's operating income from currency fluctuation. The Company applies a 1:1 hedging ratio. The main source of potential ineffectiveness in these hedging ratios is negligible schedule differences between the hedged item and the hedging instrument. As of the date of the hedge transaction, the total balance of the hedged instruments amounted to about $230 million In January and May 2020, the Company designated several swap contracts for cash flow hedge and applied hedge accounting. These transactions, which include principal and interest of Series G debentures, entitle the Company to receive fixed Israeli shekel interest against a liability to pay dollar interest at a fixed rate. The Company designated the spot component of the exchange rate swap contracts for hedging the currency risk in the cash flows of the said debt balances. The Company applies a 1:1 hedging ratio. The main source of potential ineffectiveness in these hedging ratios is the effect of the Company's and counterparty's credit risk on the fair value of the swap contracts. $110 million and $109 million, respectively. F. Fair value of financial instruments The carrying amounts in the books of certain financial assets and financial liabilities, including cash and cash equivalents, investments, short-term deposits and loans, receivables and other debit balances, long-term investments and receivables, short-term credit, payables and other credit balances, long-term loans bearing variable interest and other liabilities, and derivative financial instruments, correspond to or approximate their fair value. The following table details the book value and the fair value of financial instrument groups presented in the financial statements not in accordance with their fair value: As of December 31, 2021 As of December 31, 2020 Carrying amount Fair value Carrying amount Fair value $ millions $ millions $ millions $ millions Loans bearing fixed interest (1) 407 408 89 96 Debentures bearing fixed interest Marketable (2) 1,524 1,730 1,625 1,870 Non-marketable (3) 195 208 281 296 2,126 2,346 1,995 2,262 (1 ) The fair value of the Shekel, Euro, Brazilian Real and Yuan loans issued bearing fixed interest is based on calculation of the present value of the cash flows in respect of the principal and the interest and is discounted at the market interest rates on the measurement date for similar loans having similar characteristics and is classified as Level 2 in the fair value hierarchy. The average discount interest as of December 31, 2021, for the Shekel, Euro Brazilian Real and Yuan loans was 1.5%, 1.2%, 13% and 4%, respectively (December 31, 2020, for the Shekel, Euro and Yuan loans 1.6%, 1.4%, and 5.1%, respectively). (2) The fair value of the marketable debentures is based on the quoted stock exchange price and is classified as Level 1 in the fair value hierarchy. (3) The G. Hierarchy of fair value The following table presents an analysis of the financial instruments measured by fair value, using the valuation method (See Note 4). The following levels were defined: Level 1: Quoted (unadjusted) prices in an active market for identical instruments Level 2: Observed data (directly or indirectly) not included in Level 1 above. Level 1 As of December 31, 2021 As of December 31, 2020 $ millions $ millions Investments at fair value through other comprehensive income - 136 Level 2 As of December 31, 2021 As of December 31, 2020 $ millions $ millions Derivatives designated as economic hedge, net 15 (32) Derivatives designated as cash flow hedge, net 120 87 135 55 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 22 - Earnings per Share | Note 22 - Earnings per Share Basic earnings per share Calculation of the basic earnings per share for the year ended December 31, 2021, is based on the earnings allocated to the holders of the ordinary shares divided by the weighted-average number of ordinary shares outstanding, calculated as follows: For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Earnings attributed to the shareholders of the Company 783 11 475 Weighted-average number of ordinary shares in thousands: For the year ended December 31 2021 2020 2019 Shares thousands Shares thousands Shares thousands Balance as of January 1 1,280,242 1,279,379 1,278,084 Shares issued during the year 223 29 98 Shares vested 2,342 618 768 Weighted average number of ordinary shares used in computation of the basic earnings per share 1,282,807 1,280,026 1,278,950 Diluted earnings per share Calculation of the diluted earnings per share for the year ended December 31, 2021, is based on the earnings allocated to the holders of the ordinary shares divided by the weighted-average number of ordinary shares outstanding after adjustment for the number of potential diluted ordinary shares, calculated as follows: Weighted average number of ordinary shares (diluted) in thousands: For the year ended December 31 2021 2020 2019 Shares thousands Shares thousands Shares thousands Weighted average number of ordinary shares used in the computation of the basic earnings per share 1,282,807 1,280,026 1,278,950 Effect of stock options and restricted shares* 4,244 247 3,106 Weighted average number of ordinary shares used in the computation of the diluted earnings per share 1,287,051 1,280,273 1,282,056 * As of December 31, 2021, all 12 million outstanding options, representing 4.2 million shares, were included in the diluted weighted average number of ordinary shares calculation. As of December 31, 2020 and 2019 – 27 million and 17.5 million options, respectively, were not included since they did not have a diluting effect. Note 22 - Earnings per Share (cont'd) The average market value of the Company’s shares, for purposes of calculating the dilutive effect of the stock options, is based on the quoted market prices for the period in which the options were outstanding. |
Related and Interested Parties
Related and Interested Parties | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions [abstract] | |
Note 23 - Related and Interested Parties | Note 23 - Related and Interested Parties Related parties within its meaning in IAS 24 (2009), “Related Parties Disclosure”; Interested parties within their meaning in Paragraph 1 of the definition of an “interested party” in Section 1 of the Israeli Securities Law, 1968. A. Parent company and subsidiaries Israel Corp. To the best of Israel Corp.’s knowledge, Millenium is held by Mashat (Investments) Ltd. (“ Mashat XT Investments Even though Israel Corp. holds less than 50% of the Company’s ordinary shares, it still has decisive influence at the General Meetings of the Company’s shareholders and, effectively, it has the power to appoint directors and to exert significant influence with respect to the composition of the Company’s Board of Directors. Note 23 - Related and Interested Parties (cont'd) A. Parent company and subsidiaries (cont'd) As of December 31, 2021, 184 million ordinary shares have been pledged by Israel Corporation to secure certain liabilities, almost entirely comprised of margin loans with an aggregate outstanding principal of about $314 million. B. Benefits to key management personnel (including directors) The senior managers, in addition to their salaries, are entitled to non-cash benefits (such as vehicle, mobile etc.). The Group contributes to a post-employment defined benefit plan on their behalf. In accordance with the terms of the plan, the retirement age of senior managers is 67. Senior managers and directors also participate in the Company's incentive and equity remuneration plans (options for Company shares) (see Notes 16 and 19). Set forth below are details of the benefits for key management personnel in 2021 and 2020. The Company's key management personnel in 2021, consists of 22 individuals, of whom 11 are not employed by the company (directors). The Company's key management personnel in 2020, consisted of 19 individuals, of whom 10 were not employed by the Company (directors). For the year ended December 31 2021 2020 $ millions $ millions Short-term benefits 12 9 Post-employment benefits 1 1 Share-based payments 5 7 Total * 18 17 * To interested parties employed by the Company 3 3 * To interested parties not employed by the Company 1 2 C. Ordinary transactions that are not exceptional The Company’s Board of Directors, following the approval of the Audit Committee, decided that a transaction with related and interested parties will be considered a “negligible transaction” for public reporting purposes if all the following conditions have been met: (1) It is not an “extraordinary transaction” within the meaning thereof in the Companies Law. (2) The effect of each of the parameters listed below is less than one percent (hereinafter – the Negligibility Threshold). For every transaction or arrangement that is tested for the Negligibility Threshold, the parameters will be examined, to the extent they are relevant, on the basis of the Company's condensed or audited consolidated financial statements, as applicable, prior to the transaction, as detailed below: Acquisition of assets Assets ratio – the amount of the assets in the transaction divided by total assets Sale of assets Assets ratio – the amount of the assets in the transaction divided by total assets. Profit ratio – the profit or loss attributed to the transaction divided by the total annual comprehensive income or loss during the period. Financial liabilities Liabilities ratio – the amount of the liabilities in the transaction divided by the total liabilities. Financing expenses ratio – the expected financing expenses in the specific transaction divided by the total financing expenses in the statement of income. Acquisition and sale of products, services and manufacturing inputs Revenue ratio – estimated revenue from the transaction divided by the annual revenue, or Manufacturing expenses ratio – the amount of the expenses in the transaction divided by the annual cost of sales. (3) The transaction is negligible also from a qualitative point of view. For the purpose of this criteria, it shall be examined whether there are special considerations justifying reporting of the transaction, even if it does not meet the quantitative criteria described above. (4) In examining the negligibility of a transaction expected to occur in the future, among other things, the probability of the transaction occurring will be examined D. Transactions with related and interested parties For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Sales 7 3 4 Cost of sales 6 3 8 Selling, transport and marketing expenses 13 7 10 Financing expenses (income), net (2) ( 1 (1) General and administrative expenses 1 1 1 Management fees to the parent company 1 1 1 (1) On November 9, 2020, and November 11, 2020, our Audit and Accounting Committee and Board of Directors, respectively, approved, and on January 5, 2021, our general meeting of shareholders approved, the renewal of the management services agreement between the Company and Israel Corp. effective retroactively as of January 1, 2021, for an additional term of three years, expiring on December 31, 2023. According to the renewed management services agreement, the annual management fee to be paid to Israel Corp for each calendar year shall continue to be $1 million plus VAT. During the term of the agreement, the Company will not pay or grant any cash or equity compensation for the service of our directors who are office holders of Israel Corp. (2) On January 30, 2020, our shareholders approved a new three Note 23 - Related and Interested Parties (cont'd) D. Transactions with related and interested parties (cont'd) Our directors and officers are beneficiaries of both tiers. Pursuant to the New Framework Agreement, the cost of the annual premium shall not exceed a cap of $10 million for both tiers. The division of the premium amount between the Company and Israel Corp. in the joint tier are 80% to be paid by the Company and 20% by the Israel Corp, and the HR & Compensation Committee and the Board of Directors have the authority to change, from time to time, the premium allocation in respect of the joint tier between the companies, according to the recommendation of the i nsurers and/or brokers, and provided that such changes will not exceed 25% over the entire transaction period. Deviation from these limits shall require shareholder approval. In accordance with the terms of the New Framework Transaction and the Company's Compensation Policy, the Company's directors’ and officers’ liability insurance policy for 2021, was approved by the Company's authorized organs, effective as of March 2021. The 2021 directors’ and officers’ liability insurance policy includes a liability limit of $116 million for both tiers (comprised of a limit of $40 million, with an additional coverage Side A (directors and officers only) limit of $76 million). (3) In December 2017, the Company, Oil Refineries Ltd. (a public company controlled by Israel Corp.) and OPC Energy Ltd. (a public company that is controlled indirectly by one of the Company’s controlling shareholders) signed individual agreements with Energean PLC for the supply of natural gas. Under the agreement between the Company and Energean, the Company will be entitled to acquire up to 13 BCM of natural gas over a period of 15 years, in the total amount of about $1.8 billion. For further information see Note 18. (4) In October 2020, the Company and Oil Refineries Ltd. signed individual bridge supply agreements with Tamar Reservoir for the supply of natural gas, following a process of joint negotiations with the supplier and the approval of ICL's general meeting of shareholders. For further information see Note 18. E. Balances with related and interested parties Composition: As of December 31 2021 2020 $ millions $ millions Other current assets 40 35 Other current liabilities 4 2 |
Group Main Entities
Group Main Entities | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of subsidiaries [abstract] | |
Note 24 - Group Main Entities | Note 24 – Group Main Entities Ownership interest in its subsidiary and investee companies for the year ended December 31 Name of company Principal location of the company’s activity 2021 2020 ICL Israel Ltd. Israel 100.00% 100.00% Dead Sea Works Ltd. Israel 100.00% 100.00% Dead Sea Bromine Company Ltd. Israel 100.00% 100.00% Rotem Amfert Negev Ltd. Israel 100.00% 100.00% Mifalei Tovala Ltd. Israel 100.00% 100.00% Dead Sea Magnesium Ltd. Israel 100.00% 100.00% Bromine Compounds Ltd. Israel 100.00% 100.00% Fertilizers and Chemicals Ltd. Israel 100.00% 100.00% Iberpotash S.A. Spain 100.00% 100.00% Fuentes Fertilizantes S.L. Spain 100.00% 100.00% ICL Europe Coöperatief U.A. The Netherlands 100.00% 100.00% ICL Europe B.V. The Netherlands 100.00% 100.00% ICL IP Terneuzen B.V The Netherlands 100.00% 100.00% ICL Finance BV The Netherlands 100.00% 100.00% Everris International B.V. The Netherlands 100.00% 100.00% ICL Puriphos B.V. The Netherlands 100.00% 100.00% ICL-IP America Inc United States of America 100.00% 100.00% ICL Specialty Products Inc United States of America 100.00% 100.00% Everris NA, Inc. United States of America 100.00% 100.00% Growers Holdings, Inc. United States of America 100.00% 100.00% BK Giulini GmbH Germany 100.00% 100.00% ICL Holding Germany GmbH Germany 100.00% 100.00% ICL Bitterfeld GmbH Germany 100.00% 100.00% Prolactal GmbH Austria 100.00% 100.00% Cleveland Potash Ltd. United Kingdom 100.00% 100.00% Everris Ltd. United Kingdom 100.00% 100.00% ICL America do Sul Brazil 100.00% 100.00% Agro Fertilaqua Participacoes S.A. Brazil 100.00% 100.00% Qualyquímica Industria e Comercio de Produtos Quimicos Ltda Brazil 100.00% 100.00% ICL Brasil, Ltda. Brazil 100.00% 100.00% ICL Investment Co. Ltd. China 100.00% 100.00% Yunnan Phosphate Haikou Co. Ltd. China 50.00% 50.00% ICL Asia Ltd Hong Kong 100.00% 100.00% ICL Trading (HK) Ltd. Hong Kong 100.00% 100.00% Scora S.A.S., France France 100.00% 100.00% |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis for consolidation | A. Basis for Consolidation 1. Business combinations ICL implements the acquisition method to all business combinations. The acquisition date is the date on which the acquirer obtains control over the acquiree. Control exists when ICL is exposed or has rights to variable returns from its involvement with the acquiree and it could affect those returns through its power over the acquiree. Substantive rights held by ICL and others are considered when assessing control. ICL recognizes goodwill on an acquisition according to the fair value of the consideration transferred including any amounts recognized in respect of non-controlling interest in the acquiree as well as the fair value at the acquisition date of any pre-existing equity right of ICL in the acquiree, less the net amount of the identifiable assets acquired, and the liabilities assumed. Costs associated with the acquisition that were incurred by ICL in a business combination such as advisory, legal, valuation and other professional or consulting fees, other than those associated with an issue of debt or equity instruments connected to the business combination, are expensed in the period the services are received. 2. Subsidiaries Subsidiaries are entities controlled by ICL. The financial statements of the subsidiaries are included in the consolidated financial statements from the date control commenced until the date control ceases to exist. The financial statements of subsidiaries have been changed when necessary to align them with ICL's accounting policies. 3. Non-controlling interests Non-controlling interests comprise of the subsidiary's equity that cannot be attributed, directly or indirectly, to the parent company. Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests, even if the result is a negative balance of non-controlling interests. Measurement on the date of the business combination – Non‑controlling interests that are instruments that give rise to a present ownership interest and entitle the holder to a share of net assets in the event of liquidation, are measured at the date of the business combination at either fair value, or at their proportionate interest in the identifiable assets and liabilities of the acquiree, on a transaction-by-transaction basis. Transactions with non-controlling interests, while retaining control - are accounted for as equity transactions. Any difference between the consideration paid or received and the change in non‑controlling interests is included in the share of the owners of the company directly in a separate category in equity. 4. Loss of control Upon the loss of control, ICL derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. If ICL retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. The difference between the sum of the proceeds and fair value of the retained interest, and the derecognized balances is recognized in profit or loss as other income or other expenses. The amounts recognized in capital reserves through other comprehensive income with respect to the same subsidiary are reclassified to profit or loss or to retained earnings. 5. Transactions eliminated in consolidation Intra-group balances, transactions, unrealized income and expenses and gains and losses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. 6. Investment in associated companies and joint ventures Joint ventures are joint arrangements in which ICL has rights to the net assets of the arrangement. Associates and joint ventures are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. |
Foreign currency | B. Foreign Currency 1. Transactions in foreign currency Transactions in foreign currency are translated to the functional currency based on the exchange rate in effect on the dates of the transactions. Monetary assets and liabilities denominated in foreign currency on the report date are translated into the functional currency based on the exchange rate in effect on that date. Non‑monetary items denominated in foreign currency measured at historical cost are translated using the exchange rate at the date of the transaction. 2. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments from acquisition, are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income and are presented in equity in the foreign currency translation reserve (hereinafter –Translation Reserve). When the foreign operation is a non-wholly owned subsidiary of the Company, then the relevant proportionate share of the foreign operation translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of, the cumulative amount in the Translation Reserve is reclassified to profit or loss as a part of the capital gain or loss on disposal. Generally, foreign currency differences from a monetary item receivable from or payable to a foreign operation, including foreign operations that are subsidiaries, are recognized in profit or loss in the consolidated financial statements. Foreign exchange gains or losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognized in other comprehensive income and are presented within equity in the Translation Reserve. |
Financial instruments | C. Financial Instruments 1. Non-derivative financial assets (IFRS9) Initial recognition of financial assets: ICL initially recognizes trade receivables and debt instruments issued on the date that they are originated and for all other financial assets at the trade date in which ICL becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus direct transaction costs. Derecognition of financial assets: Derecognition of financial assets occurs when the contractual rights of ICL to the cash flows from the asset expire, or when ICL transfers the rights to receive the contractual cash flows and substantially all the risks and rewards of ownership of the financial asset. When ICL retains substantially all the said risks and rewards, it continues to recognize the financial asset. Classification of financial assets into categories and the accounting treatment of each category: Financial assets are classified at initial recognition to one of the following measurement categories: (1) amortized cost; (2) fair value through other comprehensive income – investments in debt instruments; (3) fair value through other comprehensive income – investments in equity instruments; or (4) fair value through profit or loss. The reclassification of the financial assets in subsequent periods will only occur if ICL's changes its financial debt assets business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated at fair value through profit or loss: (1) It is held within a business model whose objective is to hold assets so as to collect contractual cash flows; and (2) the contractual terms of the financial asset give rise to cash flows representing solely payments of principal and interest on the principal amount outstanding on specified dates. These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. ICL has balances of trade and other receivables and deposits that are held within a business model whose objective is collecting contractual cash flows, which represent solely payments of principal and interest (for the time value and the credit risk). Accordingly, these financial assets are measured at amortized cost. Financial assets at fair value through profit or loss - are subsequently measured at fair value. Net gains or losses, including any interest income or dividend income, are recognized in profit or loss (other than certain derivatives designated as accounting hedging instruments). Investments in equity instruments at fair value through other comprehensive income - are subsequently measured at fair value. Dividends are recognized as income in profit or loss, unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss. 2. Non-derivative financial liabilities Non-derivative financial liabilities include bank overdrafts, loans and borrowings from banks and others, marketable debt instruments, lease liabilities, and trade and other payables. ICL initially recognizes debt securities issued on the date that they originated. All other financial liabilities are recognized initially on the trade date at which ICL becomes a party to the contractual provisions of the instrument. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Derecognition of the financial liabilities occur when the obligation of ICL, as specified in the agreement, expires or when it is discharged or cancelled. Change in terms of debt instruments: A substantial modification of the terms of an existing financial liability or part of it and an exchange of debt instruments having substantially different terms, between an existing borrower and lender is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability at fair value. In such cases the entire difference between the amortized cost of the original financial liability and the fair value of the new financial liability is recognized in profit or loss as financing income or expense. Substantially different terms - if the discounted present value of the cash flows according to the new terms and discounted using the original effective interest rate, is different by at least ten percent (10%) from the discounted present value of the remaining cash flows of the original financial liability. In addition to the aforesaid quantitative criterion, ICL examines, inter alia, whether there have also been changes in various economic parameters inherent in the exchanged debt instruments (e.g. linkage). In a non-substantial modification of terms (or exchange) of debt instruments, the new cash flows are discounted using the original effective interest rate, and the difference between the present value of the new financial liability and the present value of the original financial liability is recognized in profit or loss. Offset of financial instruments: Financial assets and liabilities are offset, and the net amount is presented in the statement of financial position when, and only when, ICL currently has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. 3. Derivative financial instruments ICL holds derivative financial instruments in order to reduce exposure to foreign currency risks, marine shipping prices, and interest. Derivatives are recognized according to fair value and the changes in value are recorded in the statement of income as financing income or expense, except for derivatives used to hedge cash flows (accounting hedging). The attributable transaction costs are recorded in the statement of income as incurred. Cash flow hedges Changes in the fair value of derivatives used to hedge cash flows, in accordance with the effective portion of the hedge, are recorded through other comprehensive income directly in a hedging reserve. With respect to the non‑effective part, changes in the fair value are recognized in the statement of income. The amount accumulated in the capital reserve is reclassified and included in the statement of income in the same period as the hedged cash flows affected profit or loss under the same line item in the statement of income as the hedged item. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued. The cumulative gain or loss remains in other comprehensive income and is presented in the hedging reserve in equity until the forecasted transaction occurs or is no longer expected to occur and then is reclassified to the statements of income. 4. CPI-linked assets and liabilities not measured at fair value The value of index-linked financial assets and liabilities, which are not measured at fair value, is re‑measured every period in accordance with the actual increase/ decrease in the CPI. 5. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognized as a deduction from equity, net of any tax effects. Incremental costs directly attributable to an expected issuance of an equity instrument are deducted from the equity upon the initial recognition of the equity instruments or are amortized as financing expenses in the statement of income when the issuance is no longer expected to take place. Treasury shares - when shares recognized as equity are repurchased by the Group, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus on the transaction is carried to share premium, whereas a deficit on the transaction is deducted from retained earnings. |
Property plant and Equipment | D. Property, plant and equipment 1. Recognition and measurement Property, plant and equipment in the consolidated statements are presented at cost less accumulated depreciation and provision for impairment. The cost includes expenses that can be directly attributed to the acquisition of the asset after deducting the related amounts of government grants. The cost of assets that were self-constructed includes the cost of the materials and direct labor, as well as any additional costs that are directly attributable to bringing the asset to the required position and condition so that it will be able to function as management intended, as well as an estimate of the costs to dismantle, remove and restore, where there is an obligation for such, and capitalized borrowing costs. Gains and losses on disposal of a property, plant or equipment item are determined by comparing the proceeds from disposal of the carrying amount of the asset and are recognized net in the income statement. 2. Subsequent Costs (after initial recognition) The cost of replacing part of an item of property, plant and equipment and other subsequent costs is recognized as part of the book value of the item, if it is expected that the future economic benefit inherent therein will flow to ICL and that its cost can be reliably measured. The book value of the part that was replaced is derecognized. Routine maintenance costs are charged to the statement of income as incurred. 3. Depreciation Depreciation is a systematic allocation of the depreciable amount of an asset over its estimated useful life. The depreciable amount is the cost of the asset, or other amount substituted for cost, less its residual value. Depreciation of an item of property, plant and equipment begins when the asset is available for its intended use, that is, when it has reached the place and condition required in order that it can be used in the manner contemplated for it by Management. Depreciation is recorded in the statement of income according to the straight-line method over the estimated useful life of each significant component of the property, plant and equipment items, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Owned land is not depreciated. The estimated useful life is as follows: In Years Buildings 15 - 30 Technical equipment and machinery (1) 5 - 33 Dikes and evaporating ponds (2) 20 - 40 Other 3 - 10 (1) Mainly 33 years (2) Mainly 40 years The Company reviews, at least at the end of every reporting year, the estimates regarding the depreciation method, useful lives and the residual value, and adjusts them if appropriate. Over the years, the Company has succeeded to extend the useful lives of part of property, plant and equipment items beyond the original estimated useful life, as a result of investments therein and other current, ongoing maintenance thereof. |
Intangible assets | E. Intangible Assets 1. Goodwill Goodwill recorded consequent to the acquisition of subsidiaries is presented at cost less accumulated impairment charges, under intangible assets. 2. Research and development Expenditures for research activities are expensed as incurred. Development expenditures are recognized as intangible asset only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and ICL has the intention and sufficient resources to complete development and to use or sell the asset. 3. Other intangible assets Other intangible assets with a defined useful life, are measured according to cost less accumulated amortization and accumulated losses from impairment. Intangible assets with indefinite useful lives are measured according to cost less accumulated losses from impairment. 4. Subsequent costs Subsequent costs are recognized as an intangible asset only when they increase the future economic benefit inherent in the asset for which they were incurred. All other costs are charged to the statement of income as incurred. 5. Amortization Amortization is a systematic allocation of the amortizable amount of an intangible asset over its useful life. The amortizable amount is the cost of the asset less its residual value. Amortization is recorded in the statement of income according to the straight-line method from the date the assets are available for use, over the estimated useful economic life of the intangible assets, except for customer relationships and geological surveys, which are amortized according to the rate of consumption of the economic benefits expected from the asset based on cash flow forecasts. Goodwill and intangible assets having an indefinite lifespan are not amortized on a systematic basis but, rather, are examined at least once a year for impairment in value. Internally generated intangible assets are not systematically amortized as long as they are not available for use, i.e. they are not yet on site or in working condition for their intended use. Accordingly, these intangible assets, such as development costs, are tested for impairment at least once a year, until such date as they are available for use. The estimated useful life is as follows: In Years Concessions and mining rights – over the remaining duration of the rights granted Trademarks 15 - 20 Technology / patents 7 - 20 Customer relationships 15 - 25 Computer applications 3 - 10 ICL periodically examines the estimated useful life of an intangible asset that is not amortized, at least once a year, in order to determine if events and circumstances continue to support the determination that the intangible asset has an indefinite life. Deferred expenses in respect of geological surveys are amortized over their useful life based on a geological estimate of the amount of the material that will be produced from the mining site. The estimates regarding the amortization method and useful life are reviewed, at a minimum, at the end of every reporting year and are adjusted where necessary. ICL assesses the useful life of the customer relationships on an ongoing basis, based on an analysis of all the relevant factors and evidence, considering the experience the Company has with respect to recurring orders and churn rates and considering the future economic benefits expected to flow to the Company from these customer relationships. |
Inventories | F. Inventories Inventories are measured at the lower of cost or net realizable value. The cost of the inventories includes the costs of purchasing the inventories and bringing them to their present location and condition. In the case of work in process and finished goods, the cost includes the proportionate part of the manufacturing overhead based on normal capacity. Net realizable value is the estimated selling price in the ordinary course of business, after deduction of the estimated cost of completion and the estimated costs required to execute the sale. The cost of the inventories of raw and auxiliary materials, maintenance materials, finished goods and goods in process, is determined mainly according to the “moving average” method. If the benefit from stripping costs (costs of removing waste produced as part of a mine's mining activities during its production stage) is attributable to inventories, the Company accounts for these stripping costs as inventories. In a case where the benefit is improved access to the quarry, the Company recognizes the costs as a non‑current addition to the asset, provided the criteria presented in IFRIC 20 are met. Inventories which are expected to be sold in a period of more than 12 months from the reporting date are presented as non-current inventories, as part of non-current assets. |
Capitalization of borrowing costs | G. Capitalization of Borrowing Costs A qualifying asset is an asset that requires a significant period of time to prepare for its intended use or sale. Specific and non-specific borrowing costs are capitalized to qualifying assets during the period required for their completion and establishment, until the time when they are ready for their intended use. Other borrowing costs are charged to "financing expenses" in the statement of income as incurred. |
Impairment | H. Impairment 1. Non-derivative financial assets Provision for expected credit losses in respect of a financial asset at amortized cost, including trade receivables, is measured at an amount equal to the full lifetime of expected credit losses. Expected credit losses are a probability-weighted estimate of credit losses. With respect to other debt instruments, provision for expected credit losses is measured at an amount equal to 12-month expected credit losses, unless their credit risk has increased significantly since initial recognition. Provision for such losses in respect of a financial asset at amortized cost, is presented net of the gross book value of the asset. 2. Non-financial assets In each reporting period, an examination is made with respect to whether there are signs indicating impairment in the value of ICL’s non-financial assets, other than inventories and deferred tax assets. If such signs exist, the estimated recoverable amount of the asset is calculated. ICL conducts an annual examination, on the same date, of the recoverable amount of goodwill and intangible assets with indefinite useful lives or those that are not available for use – or more frequently if there are indications of impairment. Assets that cannot be tested individually are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). The recoverable amount of an asset or a cash-generating unit is the higher of its value in use or the net selling price (fair value less cost of disposal). When determining the value in use, ICL discounts the anticipated future cash flows according to an after-tax discount rate that reflects the evaluations of the market's participants regarding the time value of money and the specific risks relating to the asset or to the cash-generating unit, in respect of which the future cash flows expected to derive from the asset or the cash-generating unit were not adjusted. Assets of the Company's headquarters and administrative facilities do not produce separate cash flows and they serve more than one cash-generating unit. Such assets are allocated to cash-generating units on a reasonable and consistent basis and are examined for impairment as part of the examination of impairment of the cash-generating units to which they are allocated. Impairment losses are recognized if the carrying amount of an asset or cash-generating unit exceeds its estimated recoverable amount and are recognized in the statement of income. For operating segments that include goodwill, an impairment loss is recognized when the book value of the operating segment exceeds its recoverable value. Impairment losses in respect of an operating segment are allocated first to reduce the carrying amount of its goodwill and then to reduce the carrying amounts of the other assets of that segment on a proportionate basis. An impairment loss is allocated between the owners of the Company and the non-controlling interests on the same basis that the profit or loss is allocated. A loss from impairment in value of goodwill recognized in previous periods is not reversible prospectively. A loss from impairment of other assets recognized in previous periods is examined in future periods to assess whether there are signs indicating that these losses have decreased or no longer exist. A loss from impairment of value is reversed if there is a change in the estimates used to determine the recoverable value, only if the book value of the asset, after reversal of the loss from impairment of value, does not exceed the book value, after deduction of depreciation or amortization, that would have been determined if the loss from impairment of value had not been recognized. |
Employee benefits | I. Employee Benefits ICL has several post-employment benefit plans. The plans are funded partly by deposits with insurance companies, financial institutions or funds managed by a trustee. The plans are classified as defined contribution plans and as defined benefit plans. 1. Defined contribution plans A post-employment benefit plan under which ICL pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. ICL’s obligation to deposit in a defined contribution plan is recorded as an expense in the statement of income in the periods in which the employees provided the services. Retirement benefit plans that are not defined contribution plans: ICL’s net obligation is calculated for each plan separately, by estimating the future amount of the benefit to which an employee will be entitled as compensation for services in the current and past periods. The benefit is presented at present value after deducting the fair value of the plan's assets. The discount rate for ICL companies operating in countries having a “deep” market for high quality corporate bonds is the yield on such corporate bonds, including Israel. The discount rate for ICL companies operating in countries not having a “deep” market for high quality corporate bonds is in accordance with the yield on government bonds – the currency and redemption date of which are similar to the terms binding ICL. The calculations are performed by a qualified actuary using the projected unit credit method 2. Defined benefit plans When a net asset is created for ICL, the asset is recognized up to the net present value of the available economic benefits in the form of a refund from the plan or by a reduction in future deposits to the plan. An economic benefit in the form of a refund from the plan or a reduction in future deposits will be considered available when it can be realized in the lifetime of the plan or after settlement of the obligation. The movement in the net liability in respect of a defined benefit plan that is recognized in every accounting period in the statement of income is comprised of the following: (1) Current service costs – the increase in the present value of the liability deriving from employees’ service in the current period; (2) The net financing income (expense) is calculated by multiplying the net defined benefit liability (asset) by the discount rate used for measuring the defined benefit liability, as determined at the beginning of the annual reporting period; (3) Exchange rate differences; (4) Past service costs and plan reduction – the change in the present value of the liability in the current period as a result of a change in post-employment benefits attributed to prior periods. The difference, as of the date of the report, between the net liability at the beginning of the year plus the movement in the net liability as detailed above, and the actuarial liability less the fair value of the fund assets at the end of the year, reflects the balance of the actuarial income or expenses recognized in other comprehensive income and is recorded in retained earnings. The current interest costs and return on plan assets are recognized as expenses and interest income in the respective financing category. Costs in respect of past services are recognized immediately and without reference to whether the benefits have vested. 3. Other long-term employee benefits Some of the Company’s employees are entitled to other long-term benefits that do not relate to a post-retirement benefit plan. Actuarial gains and losses are recorded directly to the statement of income in the period in which they arise. 4. Early Retirement Pay Early retirement pay is recognized as an expense and as a liability when ICL has clearly undertaken to pay it, without any reasonable chance of cancellation, in respect of termination of employees, before they reach the customary age of retirement according to a formal, detailed plan. The benefits provided to employees upon voluntary retirement are charged when ICL proposes the plan to the employees, it is expected that the proposal will be accepted, and it is possible to reliably estimate the number of employees that will accept the proposal. If benefits are payable more than 12 months after the reporting period, then they are discounted to their present value. The discount rate is the yield at the reporting date on high-quality, index-linked corporate debentures, the denominated currency of which is the payment currency, and that have maturity dates approximating the terms of ICL’s obligations. 5. Short‑term benefits Obligations for short-term employee benefits are measured on a non-discounted basis, and the expense is recorded at the time the service is provided or upon the actual absence of the employee when the benefit is not accumulated (such as maternity leave). A provision for short-term employee benefits in respect of cash bonuses or profit-sharing plans is recognized for the amount expected to be paid, when ICL has a current legal or implied obligation and it is possible to reliably estimate the obligation. Classification of employee benefits is determined based on ICL's expectation with respect to full utilization of the benefits and not based on the date on which the employee is entitled to utilize the benefit. 6. Share-based compensation The fair value on the grant date of share-based compensation awards granted to employees is recognized as a salary expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. The amount recognized as an expense in respect of share-based compensation awards that are conditional upon meeting vesting conditions that are service conditions and non-market performance conditions, is adjusted to reflect the number of awards that are expected to vest. |
Provisions | J. Provisions A provision is recognized when ICL has a present legal or implied obligation, as the result of an event that occurred in the past, that can be reliably estimated, and when it is expected that an outflow of economic benefits will be required in order to settle the obligation. The provisions are made by means of discounting the future cash flows at a pre-tax interest rate reflecting the current market estimates of the time value of money and the risks specific to the liability, without considering the Company’s credit risk. ICL reviews its provisions in each reporting period and adjusts if necessary. In order to reflect the length of time that has elapsed, the book value of the provision is adjusted in each period and recognized as financing expenses. In rare cases where it is not possible to estimate the outcome of a potential liability, no provision is recorded in the financial statements. ICL recognizes a reimbursement asset if, and only if, it is virtually certain that the reimbursement will be received if the Company settles the obligation. The amount recognized in respect of the reimbursement does not exceed the amount of the provision. (1) Warranty A provision for warranty is recognized when the products or services, in respect of which the warranty is provided, are sold. The provision is based on historical data and on a weighting of all possible outcomes according to their probability of occurrence. (2) Provision for environmental costs ICL recognizes a provision for an existing obligation for prevention of environmental pollution and anticipated provisions for costs relating to environmental restoration stemming from past activities. Costs for preventing environmental pollution that increase the life expectancy or efficiency of a facility are capitalized to the cost of the property, plant and equipment and are depreciated according to the usual depreciation rates used by ICL. (3) Restructuring A provision for restructuring is recognized when ICL has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. The provision includes direct expenditures caused by the restructuring and necessary for the restructuring, and which are not associated with the continuing activities of ICL. (4) Site restoration A provision for reclamation and restoration of ICL's sites is recognized when the Company has a legal obligation which could arise, among others, from environmental regulations. (5) Legal claims A provision for legal claims is recognized when ICL has a present legal or constructive obligation as a result of an event that occurred in the past, if it is more likely than not that an outflow of economic resources will be required to settle the obligation and it can be reliably estimated. |
Revenue recognition | K. Revenue Recognition Identifying a contract ICL accounts for a contract with a customer only when the following conditions are met: (a) The parties to the contract have approved the contract and they are committed to satisfying the obligations attributable to them; (b) ICL can identify the rights of each party in relation to the goods that will be transferred; (c) ICL can identify the payment terms for the goods that will be transferred; (d) The contract has a commercial substance (i.e. the risk, timing and amount of the entity’s future cash flows are expected to change as a result of the contract); and (e) It is probable that the consideration, to which ICL is entitled to in exchange for the goods transferred to the customer, will be collected. For the purpose of clause (e) above, ICL takes into consideration its past experience with the customer, the financial stability information over the customer, the status and existence of sufficient collateral and the percentage of advances received. Identifying performance obligations ICL is a global specialty minerals and chemicals company engaged in the sale of various goods produced in its different segments of operation. ICL's contracts primarily derived from a single performance obligation to deliver the product specified in the contract. For additional information about the Company's products, see note 5 – Operating Segments. Determining the transaction price ICL's transaction price is the amount of the consideration specified in the contract with the customer, which it expects to be entitled in exchange for the goods promised to the customer, other than amounts collected for third parties. The variable considerations at ICL, which are mainly trade discounts, commercial returns and volume rebates, have no material impact on the Company's financial statements. Satisfaction of performance obligation Revenue is recognized at the point in time, when the Company transfers control over promised goods to the customer. The transfer of control over goods to a customer generally takes place upon shipment or when accepted by the customer, as provided for in the sales contract. Payment terms ICL has various payment terms which are aligned with the acceptable commercial conditions in the relevant markets. ICL's policy is to engage in agreements with payment terms not exceeding one year, and applies the practical expedient to not separate a significant financing component where the difference between the time of receiving payment and the time of transferring the goods to the customer is one year or less. |
Government grants | L. Government grants Government grants are recognized initially at fair value when there is reasonable assurance that they will be received, and the Group will comply with the conditions associated with the grant. Unconditional government grants are recognized when the Group is entitled to receive them. Grants that compensate the Group for expenses incurred are presented as a deduction from the corresponding expense. Grants that compensate the Group for the cost of an asset are presented as a deduction from the related assets and are recognized in profit or loss on a systematic basis over the useful life of the asset. |
Leases | M. Leases Determining whether an arrangement contains a lease On the inception date of the lease, ICL determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In its assessment of whether an arrangement conveys the right to control the use of an identified asset, ICL assesses whether it has the following two rights throughout the lease term: (a) the right to obtain substantially all the economic benefits from use of the identified asset; and (b) the right to direct the identified asset’s use. For lease contracts that contain non-lease components, such as services or maintenance, that are related to a lease component, ICL elected to account for the contract as a single lease component without separating the components. Leased assets and lease liabilities : Contracts that award ICL control over the use of a leased asset for a period of time in exchange for consideration, are accounted for as leases. Upon initial recognition ICL recognizes a liability at the present value of the balance of future lease payments, and concurrently recognizes a right-of-use asset at the same amount of the lease liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. Subsequent to initial recognition, the right-of-use asset is accounted for using the cost model and depreciated over the shorter of the lease term or useful life of the asset. ICL has elected to apply the practical expedient by which short-term leases of up to one year and/or leases in which the underlying asset has a low value, are recognized in profit or loss on a straight-line basis, over the lease term, without recognizing an asset and/or liability in the statement of financial position. The lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the lessee will or will not exercise the option, respectively. Variable lease payments that depend on an index or a rate, are initially measured using the index or rate existing at the commencement of the lease and are included in the measurement of the lease liability. When the cash flows of future lease payments change as the result of a change in an index or a rate, the balance of the liability is adjusted against the right-of-use asset. Other variable lease payments that are not included in the measurement of the lease liability are recognized in profit or loss in the period in which the event or condition that triggers payment occurs. After lease commencement, a right-of-use asset is measured on a cost basis less accumulated depreciation and accumulated impairment losses. Depreciation is calculated on a straight-line basis over the useful life or contractual lease period, whichever earlier. Sale and leaseback: ICL applies the requirements of IFRS 15 to determine whether an asset transfer is accounted for as a sale. If an asset transfer satisfies the requirements of IFRS 15 to be accounted for as a sale, ICL measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount that relates to the right of use retained by ICL. Accordingly, ICL only recognizes the amount of gain or loss that relates to the rights transferred. If the asset transfer does not satisfy the requirements of IFRS 15 to be accounted for as a sale, the transaction is accounted for as a financing transaction. Insofar as ICL is the seller-lessee of the asset, it continues to recognize the transferred asset and recognizes a financial liability in accordance with IFRS 9, at an amount equal to the transferred proceeds. |
Financing income and expenses | N. Financing Income and Expenses Financing income includes income from interest on amounts invested, gains from derivative financial instruments recognized in the statement of income, foreign currency gains, gains on changes in the fair value of financial assets at fair value through profit or loss and financing income recorded in relation to employee benefits. Interest income is recognized as accrued, using the effective interest method. Financing expenses include interest on loans received, securitization transaction costs, losses from derivative financial instruments, changes due to the passage of time in liabilities in respect of defined benefit plans for employees less interest income deriving from plan assets of a defined benefit plan for employees and losses from exchange rate differences. Gains and losses from exchange rate differences and derivative financial instruments are reported on a net basis. In the consolidated statements of cash flows, interest received and interest paid, are presented as part of cash flows from operating activities. |
Taxes on income | O. Taxes on Income Taxes on income (including surplus profit levy on natural resources) include current and deferred taxes, that are recognized in profit or loss, unless they relate to a business combination or are recognized directly in equity or in other comprehensive income when they relate to items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable (or receivable) on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date. Current taxes also include taxes in respect of prior years and any tax arising from dividends. Current tax assets and liabilities are offset if there is a legally enforceable right and there is intent to settle current tax liabilities and assets on a net basis. A provision for uncertain tax positions, including additional tax and interest expenses, is recognized when it is more likely than not that ICL will have to pay the obligation. Recognition of deferred taxes relates to temporary differences between the book values of the assets and liabilities for purposes of financial reporting and their value for tax purposes. The Company does not recognize deferred taxes for the following temporary differences: initial recognition of goodwill and differences deriving from investments in subsidiaries, if it is not expected that they will reverse in the foreseeable future and if ICL controls the date the provision will reverse, whether via sale or distribution of a dividend. The deferred taxes are measured according to the tax rates expected to apply to the temporary differences at the time they are realized, based on the law that was finally legislated or effectively legislated as of the date of the report. Deferred taxes in respect of intra-company transactions in the consolidated financial statements are recorded according to the tax rate applicable to the buying company. Deferred tax assets and liabilities are offset if there is a legally enforceable right and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle on a net basis. A deferred tax asset is recognized in the books when it is expected that in the future there will be taxable income against which the temporary differences can be utilized. Deferred tax assets are examined at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. ICL could become liable for additional taxes in the case of distribution of intercompany dividends between ICL's companies. These additional taxes are not included in the financial statements as ICL's companies decided not to cause distribution of a dividend that involves additional taxes to the paying company in the foreseeable future. In cases where an investee company is expected to distribute a dividend involving additional tax, the Company records a reserve for expected additional taxes. |
Earnings per share | P. Earnings per share ICL presents basic and diluted earnings per share data for its ordinary share capital. The basic earnings per share are calculated by dividing the income or loss attributable to the holders of the Company’s ordinary shares by the weighted-average number of ordinary shares outstanding during the year, after adjustment in respect of treasury shares. The diluted earnings per share are determined by adjusting the income or loss attributable to the holders of the Company’s ordinary shares and the weighted-average number of ordinary shares outstanding after adjustment in respect of treasury shares and for the effect of restricted shares and options for shares granted to employees. |
Transactions with controlling shareholder | Q. Transactions with controlling shareholder Assets and liabilities included in a transaction with a controlling shareholder are measured at fair value on the date of the transaction. |
Non-current assets and disposal groups held for sale | R. Non-current assets and disposal groups held for sale Non-current assets (or disposal groups composed of assets and liabilities) are classified as held for sale if it is highly probable that they will be recovered primarily through a sale transaction and not through continuing use. Immediately before classification as held for sale, the assets (or components of the disposal group) are remeasured in accordance with ICL’s accounting policies. Thereafter, the assets (or components of the disposal group) are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is initially allocated to goodwill, and then to remaining assets on a pro rata basis, except that no loss is allocated to assets that are not in the scope of the measurement requirements of IFRS 5 such as: inventories, financial assets, deferred tax assets and employee benefit assets, which continue to be measured in accordance with ICL’s accounting policies. Impairment losses recognized and subsequent gains or losses on remeasurement, are recognized as profit or loss. Gains are not recognized in excess of any cumulative impairment loss. In subsequent periods, depreciable assets classified as held for sale are not depreciated on a periodic basis. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property, Plant and Equipment | In Years Buildings 15 - 30 Technical equipment and machinery (1) 5 - 33 Dikes and evaporating ponds (2) 20 - 40 Other 3 - 10 (1) Mainly 33 years (2) Mainly 40 years |
Schedule of Estimated Useful Lives of Intangible Assets | The estimated useful life is as follows: In Years Concessions and mining rights – over the remaining duration of the rights granted Trademarks 15 - 20 Technology / patents 7 - 20 Customer relationships 15 - 25 Computer applications 3 - 10 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Operating segment data | B. Operating segment data Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations Consolidated $ millions For the year ended December 31, 2021 Sales to external parties 1,601 1,768 2,334 1,226 26 - 6,955 Inter-segment sales 16 163 98 19 2 (298) - Total sales 1,617 1,931 2,432 1,245 28 (298) 6,955 Segment operating income (loss) 435 399 307 121 (8) (60) 1,194 Other income not allocated to the segments 16 Operating income 1,210 Financing expenses, net (122) Share in earnings of equity-accounted investees 4 Income before income taxes 1,092 Depreciation amortization and impairment 65 165 215 38 2 (1) 484 Capital expenditures 74 298 238 36 6 17 669 Capital expenditures as part of business combination - - - 377 - - 377 Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations Consolidated $ millions For the year ended December 31, 2020 Sales to external parties 1,242 1,183 1,871 715 32 - 5,043 Inter-segment sales 13 163 77 16 3 (272) - Total sales 1,255 1,346 1,948 731 35 (272) 5,043 Segment operating income (loss) 303 120 66 40 (5) (15) 509 Other expenses not allocated to the segments (307) Operating income 202 Financing expenses, net (158) Share in earnings of equity-accounted investees 5 Income before income taxes 49 Depreciation amortization and impairment 77 166 210 25 3 98 579 Capital expenditures 84 296 275 20 6 15 696 Capital expenditures as part of business combination - - - - 26 - 26 Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations Consolidated $ millions For the year ended December 31, 2019 Sales to external parties 1,307 1,330 1,901 699 34 - 5,271 Inter-segment sales 11 164 79 18 3 (275) - Total sales 1,318 1,494 1,980 717 37 (275) 5,271 Segment operating income 338 289 100 21 19 (7) 760 Other expenses not allocated to the segments (4) Operating income 756 Financing expenses, net (129) Share in earnings of equity-accounted investees 1 Income before income taxes 628 Depreciation amortization and impairment 67 149 177 21 22 (3) 433 Implementation of IFRS 16 8 95 113 9 105 9 339 Capital expenditures 66 383 213 21 4 6 693 |
Sales by geographical location of the customer | C. Information based on geographical location The following table presents the distribution of ICL’s sales by geographical location of the customer: 2021 2020 2019 $ millions % of sales $ millions % of sales $ millions % of sales Brazil 1,178 17 447 9 581 11 USA 1,091 16 793 16 840 16 China 1,060 15 806 16 802 15 United Kingdom 386 6 336 7 347 7 Germany 345 5 327 6 334 6 Israel 291 4 260 5 241 5 Spain 280 4 243 5 249 5 France 270 4 238 5 257 5 India 213 3 194 4 178 3 Italy 145 2 114 2 116 2 All other 1,696 24 1,285 25 1,326 25 Total 6,955 100 5,043 100 5,271 100 |
Sales by geographical location of the customer by Operating Segments | The following table presents the distribution of the operating segments sales by geographical location of the customer: Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations Consolidated $ millions For the year ended December 31, 2021 Europe 530 497 765 424 23 (80) 2,159 Asia 597 513 621 156 1 (12) 1,876 South America 64 507 359 378 - (3) 1,305 North America 363 216 492 120 1 (6) 1,186 Rest of the world 63 198 195 167 3 (197) 429 Total 1,617 1,931 2,432 1,245 28 (298) 6,955 Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations Consolidated $ millions For the year ended December 31, 2020 Europe 458 411 665 334 30 (76) 1,822 Asia 405 433 480 127 1 (14) 1,432 South America 40 230 227 21 - (1) 517 North America 299 86 372 105 2 (5) 859 Rest of the world 53 186 204 144 2 (176) 413 Total 1,255 1,346 1,948 731 35 (272) 5,043 The following table presents the distribution of the operating segments sales by geographical location of the customer: (cont'd) Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations Consolidated $ millions For the year ended December 31, 2019 Europe 469 422 712 336 31 (85) 1,885 Asia 399 470 447 118 1 (12) 1,423 South America 56 327 263 23 - (1) 668 North America 353 95 370 95 - (3) 910 Rest of the world 41 180 188 145 5 (174) 385 Total 1,318 1,494 1,980 717 37 (275) 5,271 |
Sales by geographical location of the assets | For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Israel 3,526 2,636 2,815 Europe 2,437 2,014 2,079 South America 1,095 424 441 North America 897 757 816 Asia 861 643 615 Others 56 48 47 8,872 6,522 6,813 Intercompany sales (1,917) (1,479) (1,542) Total 6,955 5,043 5,271 |
Operating income (loss) by geographical location of the assets | For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Israel* 863 105 578 Asia 179 64 59 South America** 95 35 19 North America 71 47 61 Europe 7 (50) 32 Others 4 4 3 Intercompany eliminations (9) (3) 4 Total 1,210 202 756 * Israel operating income for 2020 includes a loss of $274 million resulting from impairments and the initiation of efficiency initiatives and measures. ** South America operating income for 2021 includes $51 million resulting from the operations of Fertilaqua and ADS, which were acquired during the year. For additional information see Note 8B. |
Non-current assets by geographical location of the assets | The following table present the non-current assets by geographical location of the assets (*) As of December 31 2021 2020 $ millions $ millions Israel 4,079 3,952 Europe 1,505 1,575 Asia 483 490 South America 391 58 North America 333 319 Other 5 5 Total 6,796 6,399 (*) Mainly consist of property, plant and equipment, intangible assets and non-current inventories. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Consolidated Financial Statements [Abstract] | |
Inventories | As of December 31 2021 2020 $ millions $ millions Finished products 946 807 Work in progress 299 263 Raw materials 349 207 Spare parts 125 125 Total inventories 1,719 1,402 Of which: Non-current inventories - mainly raw materials (presented in non-current assets) 149 152 Current inventories 1,570 1,250 |
Prepaid expenses and other re_2
Prepaid expenses and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
Prepaid expenses and other receivables | As of December 31 2021 2020 $ millions $ millions Government institutions 97 72 Current tax assets 97 65 Prepaid expenses 51 50 Derivative instruments 48 24 Financial asset at amortized cost - 66 Other 64 64 357 341 |
Investments In Subsidiaries (Ta
Investments In Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of subsidiaries [abstract] | |
Non-controlling interests in subsidiaries - Balance Sheet | As of December 31 2021 2020 $ millions $ millions Current assets 231 149 Non-current assets 408 400 Current liabilities (168) (189) Non-current liabilities (83) (76) Equity (388) (284) |
Non-controlling interests in subsidiaries - Profit and Loss | For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Sales 528 359 349 Operating Income 105 29 23 Depreciation and amortization 38 37 41 Operating income before depreciation and amortization 143 66 64 Net Income 96 23 11 Total Comprehensive income 104 40 8 |
Disclosure of identifiable assets acquired and liabilities assumed | $ millions Cash and cash equivalents 34 Inventories 102 Trade and Other receivables 169 Property, plant and equipment 125 Intangible assets 252 Other non-current assets 23 Trade and Other payables (106) Loans and Credit (169) Provisions (3) Net identifiable assets 427 (*) As of the reporting date, the Company is still in a process of finalizing ADS' Purchase Price Allocation (PPA). (2) In July 2021, the Company completed the sale of Jiaxing ICL Chemical Co. Ltd (ICL Zhapu), which was part of the Industrial Products segment to China Sanjiang Fine Chemicals Company Limited, for a consideration of about $25 million. As a result, in 2021, the Company recognized a capital gain of about $18 million, as "other income". (3) As part of the Company's strategy to divest low synergy businesses and non-core business activities, in January 2022, the Company entered into a definitive agreement to sell its 50% share in the joint venture Novetide Ltd., which was accounted for according to the equity method. The sale's consideration is about $33 million, of which $8 million represent an estimate for the fair value of a contingent consideration. The closing of the transaction is expected in early March 2022. As a result, in the first quarter of 2022, the Company will recognize a capital gain of about $20 million, subject to net debt and working capital adjustments at the closing date. |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Noncurrent Assets [Abstract] | |
Other non-current assets | As of December 31 2021 2020 $ millions $ millions Non-current inventories 149 152 Surplus in employees' defined benefit plans (1) 115 91 Derivative designated as a cash flow hedge 97 115 Investments in equity-accounted investees 26 27 Other 16 8 403 393 (1) See Note 16. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment | Land and buildings Technical equipment and machinery Dikes and evaporating ponds Plants under construction (1) Other Right of use asset Total $ millions Cost Balance as of January 1, 2021 880 7,419 1,441 778 1,003 496 12,017 Additions in respect of business combinations 85 20 - 9 2 9 125 Additions 193 382 51 (99) 78 37 642 Disposals (2) (44) (1) - (6) (20) (73) Exit from consolidation (9) (21) - - (1) (2) (33) Translation differences (40) (92) (26) (24) (3) (2) (187) Balance as of December 31, 2021 1,107 7,664 1,465 664 1,073 518 12,491 Accumulated depreciation Balance as of January 1, 2021 491 4,300 763 - 817 96 6,467 Depreciation 30 227 55 - 71 71 454 Reversal of impairment - (6) - - - - (6) Disposals (5) (34) - - (4) (19) (62) Exit from consolidation (3) (19) - - - - (22) Translation differences (11) (58) (21) - (3) (1) (94) Balance as of December 31, 2021 502 4,410 797 - 881 147 6,737 Depreciated balance as of December 31, 2021 605 3,254 668 664 192 371 5,754 (1) The additions are presented net of items for which construction has been completed and accordingly were reclassified to other categories in the “property, plant and equipment” section. Land and buildings Technical equipment and machinery Dikes and evaporating ponds Plants under construction (1) Other Right of use asset Total $ millions Cost Balance as of January 1, 2020 804 6,865 1,392 765 945 423 11,194 Additions 63 467 21 (24) 68 80 675 Disposals (7) (34) - - (7) (21) (69) Exit from consolidation (14) (5) - - (6) (1) (26) Translation differences 34 126 28 37 3 15 243 Balance as of December 31, 2020 880 7,419 1,441 778 1,003 496 12,017 Accumulated depreciation Balance as of January 1, 2020 445 3,950 666 - 760 42 5,863 Depreciation 35 246 47 - 66 67 461 Disposals (6) (31) - - (7) (15) (59) Impairment - 58 27 - - - 85 Exit from consolidation (2) (4) - - (4) - (10) Translation differences 19 81 23 - 2 2 127 Balance as of December 31, 2020 491 4,300 763 - 817 96 6,467 Depreciated balance as of December 31, 2020 389 3,119 678 778 186 400 5,550 (1) The additions are presented net of items for which construction has been completed and accordingly were reclassified to other categories in the “property, plant and equipment” section. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Consolidated Financial Statements [Abstract] | |
Intangible assets - Composition | A. Composition Goodwill Concessions and mining rights Trademarks Technology / patents Customer relationships Computer application Others Total $ millions Cost Balance as of January 1, 2021 341 218 92 93 172 118 73 1,107 Additions in respect of business combinations 210 - 1 2 39 - - 252 Additions - - - 6 1 19 1 27 Translation differences (29) (3) (5) (4) (9) (13) (4) (67) Balance as of December 31, 2021 522 215 88 97 203 124 70 1,319 Amortization Balance as of January 1, 2021 21 74 34 55 123 76 54 437 Amortization for the year - 6 3 5 12 7 3 36 Translation differences ( 1 ) - ( 3) ( 2) ( 4) ( 9) ( 2) ( 21) Balance as of December 31, 2021 20 80 34 58 131 74 55 452 Amortized Balance as of December 31 ,2021 502 135 54 39 72 50 15 867 Goodwill Concessions and mining rights Trademarks Technology / patents Customer Computer application Others Total $ millions Cost Balance as of January 1, 2020 323 209 86 84 176 99 69 1,046 Additions in respect of business combinations 18 - - 7 1 - - 26 Additions - - - 1 - 18 2 21 Exit from consolidation - - - (5) (10) - - (15) Translation differences - 9 6 6 5 1 2 29 Balance as of December 31, 2020 341 218 92 93 172 118 73 1,107 Amortization and impairment losses Balance as of January 1, 2020 21 70 28 49 114 68 44 394 Amortization - 2 3 5 9 7 2 28 Impairment - - - - - - 5 5 Exit from consolidation - - - (2) (3) - - (5) Translation differences - 2 3 3 3 1 3 15 Balance as of December 31, 2020 21 74 34 55 123 76 54 437 Amortized Balance as of December 31 ,2020 320 144 58 38 49 42 19 670 |
Total book value of intangible assets having defined and indefinite useful lives | B . Total book value of intangible assets having defined useful lives and those having indefinite useful lives are as follows: As of December 31 2021 2020 $ millions $ millions Intangible assets having a defined useful life 333 317 Intangible assets having an indefinite useful life 534 353 867 670 |
Impairment Testing (Tables)
Impairment Testing (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Impairment Testing [Abstract] | |
Intangible assets with an indefinite useful life | The carrying amounts of intangible assets with an indefinite useful life are as follows: As of December 31 2021 2020 $ millions $ millions Goodwill Phosphate Solutions 114 116 Industrial Products 91 94 Innovative Ag. Solutions * 260 73 Potash 19 19 Other 18 18 502 320 Trademarks 32 33 534 353 * The increase is mainly from the acquisitions of Fertiláqua and ADS businesses. For further information, see Note 8B. |
Credit from Banks and Others (T
Credit from Banks and Others (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Credit From Banks And Others [Abstract] | |
Composition | As of December 31 2021 2020 $ millions $ millions Short-term debt From financial institutions 327 296 Current maturities of: Debentures 131 206 Long-term loans from financial institutions 56 90 Lease Liability 63 64 Long-term loans from others - 23 250 383 Total Short-Term debt 577 679 Long- term debt and debentures Long term lease liability 299 325 Loans from financial institutions 679 194 Other loans - 24 978 543 Marketable debentures 1,517 1,618 Non-marketable debentures 191 275 1,708 1,893 2,686 2,436 Less – current maturities of: Debentures 131 206 Long-term loans from financial institutions 56 90 Lease liability 63 64 Long-term loans from others - 23 250 383 Total Long- term debt and debentures 2,436 2,053 |
Yearly movement in Credit from Banks and Others | As of December 31 2021 2020 $ millions $ millions Balance as of January 1 2,660 2,559 Changes from financing cash flows Additions in respect of business combination 171 - Receipt of long-term debts 1,230 1,175 Repayment of long-term debt (1,120) (1,133) Repayment of short-term credit (58) (52) Interest paid (112) (109) Receipt (payments) from transaction in derivatives (17) 24 Total net financing cash flows 94 (95) Initial recognition of lease liability 37 80 Interest expenses 126 120 Effect of changes in foreign exchange rates ( 21 84 Change in fair value of derivatives ( 24 (53) Other changes 42 (35) Balance as of December 31 2,914 2,660 (*) The balance includes Short-term debt, derivatives on loans and debentures, loans and debentures and interest payables. |
Restrictions on the Group relating to the receipt of credit | Financial Covenants (1) Financial Ratio Required under the Agreement Financial Ratio December 31, 2021 Total shareholder’s equity Equity greater than $2,000 million $4,527 million Ratio of EBITDA to the net interest expenses Equal to or greater than 3.5 14.98 Ratio of the net financial debt to EBITDA Less than 3.5 1.38 Ratio of certain subsidiaries loans to the total assets of the consolidated company Less than 10% 4.51% (1) The examination of compliance with the financial covenants is based on the Company’s consolidated financial statements. As of December 31, 2021, the Company complies with all of its financial covenants. |
Information on material loans and debentures | Instrument type Loan date Original principal (millions) Currency Carrying amount ($ millions) Interest rate Principal repayment date Additional information Debentures - Series F May 2018, December 2020 693 U.S. Dollar 715 6.38% May 2038 (4), (5) Debentures - Series E April 2016 1,569 Israeli Shekel 378 2.45% 2021- 2024 (annual installment) Partially repaid (1), (4) Debentures (private offering) – 3 series January 2014 275 U.S. Dollar 145 46 5.16% 5.31% January 2024 January 2026 (1) Debentures - Series G January/May 2020 766 Israeli Shekel 241 2.40% 2022- 2034 (annual installment) (4) Debentures - Series D December 2014 184 U.S. Dollar 183 4.50% December 2024 (4), (5) SLL September 2021 250 Euro 282 0.80% September 2026 (2) Loan - European Bank September 2021 25 Euro 28 0.95% June 2025 (3) Loan-Israeli institutions November 2013 300 Israeli Shekel 56 4.74% 2015-2024 (annual installment) Partially repaid Loan - Asian Bank May 2020, May 2021 151 Chinese Yuan 20 4.25%-4.95% December 2020 - May 2023 Partially repaid September 2020, March 2021 380 56 4.25%-4.40% Loan - Brazilian Bank December 2014-January 2021 350 Brazilian Real 47 4%-8% January 2015-June 2025 Partially repaid |
Credit facilities | Issuer Group of international banks (1) European bank Brazilian bank (2) Date of the credit facility March 2015 December 2016 March 2021 Date of credit facility termination March 2025 May 2024 March 2023 The amount of the credit facility USD 1,200 million USD 30 million BRL 230 million Credit facility has been utilized Euro 150 million USD 30 million BRL 180 million Interest rate Up to 33% use of the credit: Libor/Euribor + 0.70%. From 33% to 66% use of the credit: Libor/Euribor + 0.80% 66% or more use of the credit: Libor/Euribor + 0.95% 30 million dollar-Libor + 0.80% CDI + 0.95% Loan currency type USD and Euro loans USD loans BRL loans Pledges and restrictions Financial covenants - see Section D, a cross-default mechanism and a negative pledge. Financial covenants - see Section D and a negative pledge. - Non-utilization fee 0.21% - - (1) In October 2021, an additional bank joined the credit facility agreement, increasing the revolving credit facility by an additional $100 million, leading to a total amount of $1.2 billion. Most banks signed on to continue the credit facility agreement and from March 2023 to March 2025, the total credit facility will amount to $1 billion. As of December 31, 2021, the Company had utilized approximately $170 million of the facility’s framework. (2) In March 2021, the Company signed a framework credit facility agreement with MUFG Bank for a period of two years, according to which the Company can withdraw up to BRL 230 million (about $42 million). As of December 31, 2021, the Company has withdrawn BRL 180 million (about $32 million), with a maturity date of March 2023. |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other payables [abstract] | |
Other Payables | As of December 31 2021 2020 $ millions $ millions Employees 414 322 Current tax liabilities 183 87 Governmental (mainly in respect of royalties) 103 75 Accrued expenses 75 76 Income received in advance 33 17 Derivative designated as an economic hedge 3 43 Others 101 84 912 704 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Tax rates of subsidiaries incorporated outside of Israel | Country Tax rate Note Brazil 34% Germany 29% United States 26% (1) Netherlands 25% Spain 25% China 25% United Kingdom 19% (1) The tax rate is an estimated average and includes federal and states tax. Different rate may apply in each specific year, as a result of different allocation of income between the different states. |
Reconciliation of changes in deferred tax liability (asset) | In respect of financial position In respect of carry forward tax losses Total Depreciable property, plant and equipment and intangible assets Inventories Provisions for employee benefits Other $ millions Balance as of January 1, 2020 (421) 32 84 19 54 (232) Changes in 2020: Amounts recorded in the statement of income (17) 6 13 (28) 60 34 Amounts recorded to a capital reserve - - (6) - (3) (9) Translation differences (1) - 3 2 4 8 Balance as of December 31, 2020 (439) 38 94 (7) 115 (199) Changes in 2021: Additions in respect of business c ombinations - 1 1 9 2 13 Amounts recorded in the statement of income 16 - 2 (14) (24) (20) Amounts recorded to a capital reserve - - (22) (1) - (23) Translation differences 2 - (2) (3) (5) (8) Balance as of December 31, 2021 (421) 39 73 (16) 88 (237) |
Deferred taxes denominated by currencies | As of December 31 2021 2020 $ millions $ millions Euro 84 73 Brazilian Real 13 (4) British Pound - 17 U.S Dollar (10) (6) Israeli Shekels (327) (280) Other 3 1 (237) (199) |
Composition of the taxes on income | For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Current taxes 145 70 91 Deferred taxes 22 (43) 61 Taxes in respect of prior years 93 (2) (5) 260 25 147 |
Disclosure of effective income tax rate reconciliation | For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Income before taxes on income , as reported in the statements of income 1,092 49 628 Statutory tax rate (in Israel) 23% 23% 23% Theoretical tax expense 251 11 144 Add (less) – the tax effect of: Reduced tax due to tax benefits (64) (6) (8) Differences deriving from additional deduction and different tax rates applicable to foreign subsidiaries (10) (4) (15) Tax on dividend 3 2 2 Deductible temporary differences and their reversal (including carryforward losses) for which deferred taxes assets were not recorded and non–deductible expenses (8) 14 17 Taxes in respect of prior years* 93 (2) (5) Differences in measurement basis (8) 10 15 Other differences 3 - (3) Taxes on income included in the income statements 260 25 147 * In 2021, including $47 million in respect of trapped earnings release |
Taxes on income relating to items recorded in equity | For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Tax recorded in other comprehensive income Actuarial gains from defined benefit plan (22) (6) 10 Change in investments at fair value through other comprehensive income (21) - (1) Taxes in respect of exchange rate differences on equity loan to a subsidiary included in translation adjustment (1) (3) 1 Total (44) (9) 10 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Classes of employee benefits expense [abstract] | |
Composition of employee benefits | Composition of employee benefits: As of December 31 2021 2020 $ millions $ millions Fair value of plan assets 648 629 Termination benefits (135) (158) Defined benefit obligation (993) (1,075) (480) (604) |
Composition of fair value of the plan assets | Composition of fair value of the plan assets: As of December 31 2021 2020 $ millions $ millions Equity instruments With quoted market price 230 224 Without quoted market price 50 40 280 264 Debt instruments With quoted market price 337 334 Without quoted market price 3 3 340 337 Deposits with insurance companies 28 28 648 629 |
Movement in net defined benefit assets (liabilities) | E. Movement in net defined benefit obligation and in its components: Fair value of plan assets Defined benefit obligation Defined benefit obligation, net 2021 2020 2021 2020 2021 2020 $ millions $ millions $ millions $ millions $ millions $ millions Balance as of January 1 629 583 (1,075) (1,004) (446) (421) Income (costs) included in profit or loss: Current service costs - - (24) (22) (24) (22) Interest income (expenses) 6 5 (14) (14) (8) (9) Past service cost - - 12 11 12 11 Effect of movements in exchange rates, net 8 16 (16 ) (34) ( 8 ) (18) Included in other comprehensive income: Actuarial profits (losses) deriving from changes in financial assumptions - - 68 (24) 68 (24) Other actuarial gains 17 9 - - 17 9 Change with respect to translation differences, net (10) 18 21 (32) 11 (14) Other movements: Benefits received (paid) (6) (6) 35 44 29 38 Employer contribution 4 4 - - 4 4 Balance as of December 31 648 629 (993) (1,075) (345 ) (446) The actual return on plan assets in 2021, is $23 million, compared with $14 million in 2020 and $61 million in 2019. |
Actuarial assumptions | Principal actuarial assumptions as of the reporting date (expressed as weighted averages): For the year ended December 31 2021 2020 2019 % % % Discount rate as of December 31 2.1 1.7 2.1 Future salary increases 3.9 3.4 3.2 Future pension increase 2.3 2.0 2.1 |
Sensitivity analysis | Assuming all other assumptions remain constant, the following reasonable possible changes affect the defined benefit obligation as of the date of the financial statements in the following manner: December 2021 Decrease Decrease 5% Increase 5% Increase 10% $ millions $ millions $ millions $ millions Significant actuarial assumptions Salary increases (14) (7) 7 14 Discount rate 20 10 (10) (20) Mortality table 24 12 (12) (24) The assumptions regarding the future mortality rate are based on published statistics and accepted mortality tables. |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Provision [Abstract] | |
Provisions | A. Composition and changes in the provision Site restoration and equipment dismantling Legal claims Other Total $ millions $ millions $ millions $ millions Balance as of January 1, 2021 279 10 32 321 Provisions recorded during the year 24 5 12 41 Provisions recorded in respect of business combinations - 3 - 3 Provisions reversed during the year - (3) (1) (4) Payments during the year (13) (1) (2) (16) Translation differences (7) (1) - (8) Balance as of December 31, 2021 283 13 41 337 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [abstract] | |
Composition of equity | A. Composition: As of December 31, 2021 As of December 31, 2020 Authorized Issued and paid Authorized Issued and paid Number of ordinary shares of Israeli Shekel 1 par value (in millions) 1,485 1,312 1,485 1,305 Number of Special State shares of Israeli Shekel 1 par value 1 1 1 1 (*) For information regarding the amount of treasury shares, see Note 19.G.(1). |
Reconciliation of the number of shares outstanding | The reconciliation of the number of shares outstanding at the beginning and end of the year is as follows Number of Outstanding Shares (in millions) As of January 1, 2020 1,305 Issuance of shares - As of December 31, 2020 1,305 Issuance of shares 7 As of December 31, 2021 1,312 |
Share-based payments to employees, non-marketable options | 1. Non-marketable options Grant date Employees entitled Number of instruments (thousands) Issuance’s details Instrument terms Vesting conditions Expiration date August 6, 2014 Officers and senior employees 3,993 An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. In case that on the exercise date the closing price of an ordinary share is higher than twice the exercise price (the “Share Value Cap”), the number of the exercised shares will be reduced so that the product of the exercised shares actually issued to an offeree multiplied by the share closing price will equal to the product of the number of exercised options multiplied by the Share Value Cap. 3 equal tranches: (1) one third on December 1, 2016 (2) one third on December 1, 2017 (3) one third on December 1, 2018 Two years from the vesting date. June 30, 2016 Officers and senior employees 3,035 Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date June 30, 2023 September 5, 2016 Former chairman of BOD 186 February 14, 2017 Former CEO 114 February 14, 2024 June 20, 2017 Officers and senior employees 6,868 June 20, 2024 August 2, 2017 Former chairman of BOD 165 March 6, 2018 Officers and senior employees 5,554 March 6, 2025 Grant date Employees entitled Number of instruments (thousands) Issuance’s details Instrument terms Vesting conditions Expiration date May 14, 2018 CEO 385 An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date May 14, 2025 August 20, 2018 Former chairman of BOD 403 August 20, 2025 April 15, 2019 Officers and senior manager 13,242 2 equal tranches: 5 years after the grant date June 27, 2019 CEO 3,512 May 29, 2019 * Chairman of BOD 2,169 June 30, 2021 Senior employees 647 * The options were issued upon Mr. Doppelt’s entry into office on July 1, 2019. |
Share-based payments to employees, non-marketable options, grants parameters | The fair value of the options granted in 2014, as part of 2014 amended equity compensation plan, was estimated using the binomial model for pricing options. The grants in 2016 until 2019 and 2021 under the amended 2014 Equity Compensation Plan, were estimated using the Black & Scholes model for pricing options. The parameters used in applying the models are as follows: 2014 Plan Granted 2014 Granted 2016 Granted 2017 Granted 2018 Granted 2019 Granted 2021 Share price (in $) 8.2 3.9 4.5 4.4 5.4 6.8 CPI-linked exercise price (in $) 8.4 4.3 4.3 4.3 5.3 7.1 Expected volatility: First tranche 29.40% 30.51% 31.88% 28.86% 27.85% 31.70% Second tranche 31.20% 30.51% 31.88% 28.86% 27.85% 31.70% Third tranche 40.80% 30.51% 31.88% 28.86% - - Expected life of options (in years): First tranche 4.3 7.0 7.0 7.0 4.4 4.4 Second tranche 5.3 7.0 7.0 7.0 4.4 4.4 Third tranche 6.3 7.0 7.0 7.0 - - Risk-free interest rate: First tranche (0.17)% 0.01% 0.37% 0.03% (0.67)% 0.43% Second tranche 0.05% 0.01% 0.37% 0.03% (0.67)% 0.43% Third tranche 0.24% 0.01% 0.37% 0.03% - - Fair value (in $ millions) 8.4 4.0 11.3 8.8 7.5 0.6 Weighted average grant date fair value per option (in $) 1.9 1.1 1.6 1.4 1.2 1.3 |
Share-based payments to employees, non-marketable options, movement in the options | The movement in the options are as follows: Number of options (in millions) Balance as of January 1, 2020 30 Movement in 2020: Expired during the year (2) Exercised during the year (1) Total options outstanding as of December 31, 2020 27 Movement in 2021: Granted during the year 1 Exercised during the year (16) Total options outstanding as of December 31, 2021 12 |
Share-based payments to employees, non-marketable options, exercise price | The exercise prices for options outstanding at the beginning and end of each period are as follows: December 31, 2021 December 31, 2020 December 31, 2019 Granted 2014 US Dollar - - 7.15 Granted 2016 US Dollar 4.61 4.56 4.36 Granted 2017 US Dollar 4.19 4.17 4.01 Granted 2018 US Dollar 4.11 4.12 3.99 Granted 2019 US Dollar 5.77 5.66 5.42 Granted 2021 US Dollar 7.39 - - |
Share-based payments to employees, non-marketable options, number of options vested | The number of outstanding vested options at the end of each period and the weighted average of the exercise price for these options are as follows (*): December 31, 2021 December 31, 2020 December 31, 2019 Number of options exercisable (in Millions) 4 11 12 Weighted average exercise price in Israeli Shekel 14.29 13.89 15.19 Weighted average exercise price in US Dollar 4.59 4.32 4.40 (*) The share price as of December 31, 2021, is NIS 30.01 and $9.65. |
Share-based payments to employees, non-marketable options, range of exercise prices | The range of exercise prices for the options outstanding vested at the end of each period is as follows: December 31, 2021 December 31, 2020 December 31, 2019 Range of exercise price in Israeli Shekel 12.77-18.06 13.15-18.32 13.55-24.71 Range of exercise price in US Dollar 4.11-5.81 4.09-5.70 3.92-7.15 |
Share-based payments to employees, non-marketable options, average remaining contractual life | The average remaining contractual life for the outstanding vested options at the end of each period is as follows: December 31, 2021 December 31, 2020 December 31, 2019 Average remaining contractual life 2.83 3.58 3.85 |
Share-based payments to employees, restricted shares | Grant date Employees entitled Number of instruments (thousands) Vesting conditions (*) Instrument terms Additional Information Fair value at the grant date (Million) June 30, 2016 Officers and senior employees 990 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date An issuance for no consideration, under the amended 2014 Equity Compensation Plan. The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the approval date of the BOD and/or the approval date of the General Meeting where required). 4.1 September 5, 2016 Former chairman of BOD 55 June 20, 2017 Officers and senior employees 2,211 10 August 2, 2017 Former chairman of BOD 53 0.3 January 10, 2018 ICL’s Directors (excluding ICL’s CEO & Chairman of the BOD) 137 0.6 March 6, 2018 Officers and senior employees 1,726 8 May 14, 2018 CEO 121 0.6 August 20, 2018 Former chairman of BOD 47 0.2 April 23, 2020 ICL’s Directors (excluding directors who are officers or directors of Israel Corporation Ltd.) 177 3 equal tranches: (1) one third on January 1, 2021 (2) one third on January 1, 2022 (3) one third on January 1,2023 The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the Grant Date (the approval date of the annual General Meeting of shareholders). 0.6 |
Dividends distributed to the Company's Shareholders | The date of Board of to distribute the dividend Actual date of distribution of the dividend Gross amount of the dividend distributed (in millions of $) Net amount of the distribution (net of the subsidiary’s share) (in millions of $) Amount of the dividend per share (in $) February 4, 2019 March 13, 2019 62 61 0.05 May 6, 2019 June 19, 2019 76 75 0.06 July 30, 2019 September 24, 2019 74 73 0.06 November 5, 2019 December 18, 2019 65 64 0.05 Total 2019 277 273 0.22 February 11, 2020 March 18, 2020 23 23 0.02 May 10, 2020 June 17, 2020 30 30 0.02 July 27, 2020 September 16, 2020 36 36 0.03 November 10, 2020 December 16, 2020 29 29 0.02 Total 2020 118 118 0.09 February 10, 2021 March 16, 2021 34 34 0.03 May 5, 2021 June 16, 2021 67 67 0.05 July 27, 2021 September 1, 2021 68 68 0.05 November 3, 2021 December 15, 2021 107 107 0.08 Total 2021 276 276 0.21 February 8, 2022* March 8, 2022 169 169 0.13 (*) |
Details of Income Statement I_2
Details of Income Statement Items (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Details Of Income Statement [Abstract] | |
Cost of sales | For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Sales 6,955 5,043 5,271 Cost of sales Materials consumed 2,342 1,647 1,702 Cost of labor 906 794 766 Depreciation and amortization 413 416 384 Energy and fuel 343 316 340 Other 340 380 262 4,344 3,553 3,454 |
Expenses | For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Selling, transport and marketing expenses Land and Marine transportation 742 515 509 Cost of labor 171 134 133 Other 154 117 125 1,067 766 767 General and administrative expenses Cost of labor 166 136 153 Professional Services 44 32 42 Other 66 64 59 276 232 254 Research and development expenses, net Cost of labor 52 40 36 Other 12 14 14 64 54 50 |
Other income and expenses | For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Other income Capital gain 16 - 12 Profit from divestment 14 - - Past service cost 12 11 5 Reversal of provision for legal claims 11 - 7 Reversal of Impairment of fixed assets 9 - 10 Other 1 9 6 Other income recorded in the income statements 63 20 40 Other expenses Provision for legal claims 17 - 14 Provision for historical waste removal and site closure costs 14 83 7 Transaction costs 8 - - Impairment and disposal of assets 9 90 - Provision for early retirement and dismissal of employees - 78 5 Other 9 5 4 Other expenses recorded in the income statements 57 256 30 |
Financing income and expenses | For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Financing income and expenses Financing income: Net gain from change in fair value of derivative designated as economic hedge 59 - 45 Net gain from change in fair value of derivative designated as cash flow hedge 18 54 38 Interest income from banks and others 17 7 8 94 61 91 Financing expenses: Interest expenses to banks and others 126 120 125 Net loss from changes in exchange rates 79 58 72 Financing expenses in relation to employees’ benefits 23 38 39 Banks and finance institutions commissions (mainly commission on early repayment of loans) 6 4 3 Net loss from change in fair value of derivative designated as economic hedge - 23 - Financing expenses 234 243 239 Net of borrowing costs capitalized 18 24 19 216 219 220 Net financing expenses recorded in the income statements 122 158 129 |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Groups and measurement bases of financial assets and financial liabilities | B. Groups and measurement bases of financial assets and financial liabilities As of December 31, 2021 Financial assets Financial liabilities Measured at fair value through the statement of income Measured at amortized cost Measured at fair value through the statement of income Measured at amortized cost $ millions $ millions $ millions $ millions Current assets Cash and cash equivalents - 473 - - Short-term investments and deposits - 91 - - Trade receivables - 1,418 - - Other receivables - 45 - - Foreign currency derivative designated as economic hedge 23 - - - Marine transport derivative designated as economic hedge 2 - - - Foreign currency and interest derivative instruments designated as cash flow hedge 23 - - - Non-current assets Foreign currency and interest derivative instruments designated as cash flow hedge 97 - - - Other non-current asset - 14 - - Total financial assets 145 2,041 - - Current liabilities Short term debt - - - (577) Trade payables - - - (1,064) Other current liabilities - - - (153) Foreign currency derivative designated as economic hedge - - (3) - Non-current liabilities Long term debt and debentures - - - (2,436) Interest derivative instruments designated as economic hedge - - (7) - Other non- current liabilities - - - (49) Total financial liabilities - - (10) (4,279) Total financial instruments, net 145 2,041 (10) (4,279) As of December 31, 2020 Financial assets Financial liabilities Measured at fair value through the statement of income Measured at fair value through the statement of comprehensive income Measured at amortized cost Measured at fair value through the statement of income Measured at amortized cost $ millions $ millions $ millions $ millions $ millions Current assets Cash and cash equivalents - - 214 - - Short-term investments and deposits - - 100 - - Trade receivables - - 883 - - Other receivables - - 122 - - Investments at fair value through other comprehensive income - 53 - - - Foreign currency and interest derivative designated as economic hedge 24 - - - - Non-current assets Foreign currency and interest derivative instruments designated as cash flow hedge 115 - - - - Investments at fair value through other comprehensive income - 83 - - - Other non-current asset - - 8 - - Total financial assets 139 136 1,327 - - Current liabilities Short term debt - - - - (679) Trade payables - - - - (740) Other current liabilities - - - - (156) Foreign currency and interest derivative designated as economic hedge - - - (42) - Energy and marine transport derivative designated as economic hedge - - - (1) - Non-current liabilities Long term debt and debentures - - - - (2,053) Foreign currency and interest derivative designated as economic hedge - - - (13) - Foreign currency and interest derivative instruments designated as cash flow hedge - - - (28) - Other non- current liabilities - - - - (53) Total financial liabilities - - - (84) (3,681) Total financial instruments, net 139 136 1,327 (84) (3,681) |
Maximum credit exposure | (2) Maximum Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: As of December 31 Carrying amount ($ millions) 2021 2020 Cash and cash equivalents 473 214 Short term investments and deposits 91 100 Trade receivables 1,418 883 Other receivables 45 122 Derivatives 145 139 Other non-current assets 14 8 2,186 1,466 |
Maximum credit exposure by geographical region | The maximum exposure to credit risk for trade receivables, at the reporting date by geographic region was: As of December 31 Carrying amount ($ millions) 2021 2020 Asia 440 258 Europe 362 330 South America 306 68 North America 193 144 Israel 95 67 Other 22 16 1,418 883 |
Aging of debts and impairment losses | (3) Aging of debts and impairment losses The aging of trade receivables at the reporting date was: As of December 31 2021 2020 Gross Impairment Gross Impairment $ millions $ millions $ millions $ millions Not past due 1,313 (1) 788 - Past due up to 3 months 82 - 58 - Past due 3 to 12 months 23 (2) 7 (1) Past due over 12 months 9 (6) 40 (9) 1,427 (9) 893 (10) |
Allowance of doubtful accounts | (3) Aging of debts and impairment losses (cont'd) The movement in the allowance for doubtful accounts during the year was as follows: 2021 2020 $ millions $ millions Balance as of January 1 10 3 Additional allowance (3) 5 Reversals (2) - Changes due to translation differences 4 2 Balance as of December 31 9 10 |
Liquidity risk | The following are the contractual maturities of financial liabilities, including estimated interest payments: As of December 31, 2021 Carrying amount 12 months or less 1-2 years 3-5 years More than 5 years $ millions Non-derivative financial liabilities Short term debt (not including current maturities) 327 329 - - - Trade payables 1,064 1,064 - - - Other current liabilities 153 153 - - - Long-term debt, debentures and others 2,735 352 1,003 799 1,532 4,279 1,898 1,003 799 1,532 Financial liabilities – derivative instruments Foreign currency and interest derivative designated as economic hedge 10 3 - 7 - As of December 31, 2020 Carrying amount 12 months or less 1-2 years 3-5 years More than 5 years $ millions Non-derivative financial liabilities Short term debt (not including current maturities) 296 299 - - - Trade payables 740 740 - - - Other current liabilities 156 156 - - - Long-term debt, debentures and others 2,489 489 529 859 1,559 3,681 1,684 529 859 1,559 Financial liabilities – derivative instruments utilized for economic hedging Foreign currency and interest derivative designated as economic hedge 55 42 - - 13 Energy and marine transport derivative designated as economic hedge 1 1 - - - Foreign currency and interest derivative designated as cash flow hedge 28 - - - 28 84 43 - - 41 |
Interest rate profile | (a) Interest Rate Profile Set forth below are details regarding the type of interest on the Company’s non-derivative As of December 31 2021 2020 $ millions $ millions Fixed rate instruments Financial assets 338 165 Financial liabilities (2,466) (2,450) (2,128) (2,285) Variable rate instruments Financial assets 36 223 Financial liabilities (562) (296) (526) (73) |
Sensitivity analysis for variable rate instruments | (c) Sensitivity analysis for variable rate instruments The below analysis assumes that all other variables (except for the interest rate), in particular foreign currency rates, remain constant. As of December 31, 2021 Impact on profit (loss) Decrease of 1% in interest Decrease of 0.5% in interest Increase of 0.5% in interest Increase of 1% in interest $ millions $ millions $ millions $ millions SWAP instruments Changes in U.S. Dollar interest (32) (16) 15 29 Changes in Israeli Shekel interest 39 19 (18) (35) |
Terms of derivative financial instruments used to hedge interest risk | (d) Terms of derivative financial instruments used to hedge interest risk As of December 31, 2021 Carrying amount Stated amount Maturity date Interest rate range $ millions $ millions Years % U.S. Dollar SWAP contracts from variable interest to fixed interest (7) 150 2024 2.47-2.6% Israeli Shekel SWAP contracts from fixed ILS interest to fixed USD interest 119 579 2034 2.4-4.47% As of December 31, 2020 Carrying amount Stated amount Maturity date Interest rate range $ millions $ millions Years % U.S. Dollar SWAP contracts from variable interest to fixed interest (13) 150 2024 2.47%-2.60% Israeli Shekel SWAP contracts from fixed ILS interest to fixed USD interest 87 701 2034 2.40%-4.47% GBP SWAP contracts from variable USD interest to fixed GBP interest. 5 63 18/05/2021 1-month libor Euro SWAP contracts from variable USD interest to fixed EUR interest (41) 324 19/05/2021 1-month libor |
Sensitivity analysis non-derivative financial instruments | (a) Sensitivity analysis A 10% increase at the rate of the US$ against the following currencies would have increased (decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. As of December 31 Impact on profit (loss) 2021 2020 $ millions $ millions Non-derivative financial instruments U.S. Dollar/Euro (80) (96) U.S. Dollar/Israeli Shekel 177 134 U.S. Dollar/British Pound (1) 2 U.S. Dollar/Chinese Yuan 1 (1) U.S. Dollar/Turkey Lira - (1) A 10% decrease of the US$ against the above currencies as of December 31 would have the same effect but in the opposite direction. |
Market risk sensitivity analysis | Presented hereunder is a sensitivity analysis of the Company’s foreign currency derivative instruments as of December 31, 2021. Any change in the exchange rates of the principal currencies shown below would have increased (decreased) profit and loss and equity by the amounts shown below. This analysis assumes that all other variables remain constant. As of December 31, 2021 Increase 10% Increase 5% Decrease 5% Decrease 10% $ millions $ millions $ millions $ millions U.S. Dollar/Israeli Shekel Forward transactions (48) (25) 27 58 Options (40) (18) 25 55 SWAP (69) (36) 40 85 Euro/ U.S. Dollar Forward transactions 22 11 (11) (22) Options 5 2 (3) (6) U.S Dollar/RMB Forward transactions (4) (2) 3 5 |
Terms of derivative financial instruments used to economically hedge foreign currency risk | (b) Terms of derivative financial instruments used to reduce foreign currency risk As of December 31, 2021 Carrying amount Stated amount Average $ millions $ millions exchange rate Forward contracts U.S. Dollar/Israeli Shekel 3 515 3.2 Euro/U.S. Dollar 4 240 1.2 U.S Dollar/Brazilian Real (1) 37 5.4 U.S. Dollar/British Pound - 16 1.4 U.S. Dollar/Chinese Yuan Renminbi 1 46 6.5 Other - 23 - Currency and interest SWAPs U.S. Dollar/Israeli Shekel 119 579 3.7 Put options U.S. Dollar/Israeli Shekel 14 660 3.2 Euro/U.S. Dollar 2 57 1.2 U.S. Dollar/Japanese Yen - 4 109.7 U.S. Dollar/British Pound - 12 1.4 Call options U.S. Dollar/Israeli Shekel (2) 660 3.2 Euro/U.S. Dollar - 57 1.2 U.S. Dollar/Japanese Yen - 4 109.7 U.S. Dollar/British Pound - 12 1.4 As of December 31, 2020 Carrying amount Stated amount Average $ millions $ millions exchange rate Forward contracts U.S. Dollar/Israeli Shekel 8 377 3.2 Euro/U.S. Dollar - 150 1.2 U.S. Dollar/British Pound - 27 1.4 U.S. Dollar/Chinese Yuan Renminbi - 23 6.6 Other - 53 - Currency and interest SWAPs U.S. Dollar/Israeli Shekel 87 701 3.7 Euro/U.S. Dollar (41) 324 1.1 U.S. Dollar/British Pound 5 63 1.3 Put options U.S. Dollar/Israeli Shekel 13 400 3.3 Euro/U.S. Dollar - 47 1.2 U.S. Dollar/Japanese Yen - 2 107 U.S. Dollar/British Pound - 10 1.3 Call options U.S. Dollar/Israeli Shekel (1) 380 3.3 Euro/U.S. Dollar (2) 47 1.2 U.S. Dollar/Japanese Yen - 2 107 U.S. Dollar/British Pound - 10 1.3 |
Linkage terms of monetary balances | (c) Linkage terms of monetary balances – in millions of Dollars As of December 31, 2021 US Dollar Euro British Pound Israeli Shekel Brazilian Real Chinese Yuan Renminbi Other Total Non-derivative instruments: Cash and cash equivalents 89 23 5 3 76 263 14 473 Short term investments and deposits 86 - - - - 3 2 91 Trade receivables 684 260 41 82 222 91 38 1,418 Other receivables 2 22 1 19 1 - - 45 Other non-current assets 4 4 - - 5 - 1 14 Total financial assets 865 309 47 104 304 357 55 2,041 Short-term debt 196 92 12 184 41 52 - 577 Trade payables 210 216 28 410 103 91 6 1,064 Other current liabilities 33 73 4 18 10 15 153 Long term debt, debentures and others 1,161 499 21 635 51 67 2 2,436 Other non-current liabilities 1 46 - - 2 - - 49 Total financial liabilities 1,601 926 65 1,247 207 225 8 4,279 Total non-derivative financial instruments, net (736) (617) (18) (1,143) 97 132 47 (2,238) Derivative instruments: Forward transactions - 240 16 515 37 46 23 877 Cylinder - 57 12 660 - - 4 733 SWAPS – U.S. Dollar into Israeli Shekel - - - 579 - - - 579 Total derivative instruments - 297 28 1,754 37 46 27 2,189 Net exposure (736) (320) 10 611 134 178 74 (49) As of December 31, 2020 US Dollar Euro British Pound Israeli Shekel Brazilian Real Chinese Yuan Renminbi Others Total Non-derivative instruments: Cash and cash equivalents 114 13 5 2 6 60 14 214 Short term investments and deposits 88 5 - - - 4 3 100 Trade receivables 454 227 35 58 21 51 37 883 Other receivables 72 41 - 7 - - 2 122 Investments at fair value through other comprehensive income - - - - - 136 - 136 Other non-current assets 1 3 - - 4 - - 8 Total financial assets 729 289 40 67 31 251 56 1,463 Short-term debt 267 70 85 181 7 68 1 679 Trade payables 145 163 21 326 11 66 8 740 Other current liabilities 41 68 4 17 - 26 156 Long term debt, debentures and others 1,211 36 22 716 2 60 6 2,053 Other non-current liabilities 2 51 - - - - - 53 Total financial liabilities 1,666 388 132 1,240 20 220 15 3,681 Total non-derivative financial instruments, net (937) (99) (92) (1,173) 11 31 41 (2,218) Derivative instruments: Forward transactions - 150 27 377 15 23 38 630 Cylinder - 47 10 400 20 - 2 479 SWAPS – U.S. Dollar into Israeli Shekel - - - 701 - - - 701 SWAPS – U.S. Dollar into Euro - 324 - - - - - 324 SWAPS – U.S. Dollar into British Pound - - 63 - - - - 63 Total derivative instruments - 521 100 1,478 35 23 40 2,197 Net exposure (937) 422 8 305 46 54 81 (21) |
Fair value of financial instruments | The following table details the book value and the fair value of financial instrument groups presented in the financial statements not in accordance with their fair value: As of December 31, 2021 As of December 31, 2020 Carrying amount Fair value Carrying amount Fair value $ millions $ millions $ millions $ millions Loans bearing fixed interest (1) 407 408 89 96 Debentures bearing fixed interest Marketable (2) 1,524 1,730 1,625 1,870 Non-marketable (3) 195 208 281 296 2,126 2,346 1,995 2,262 (1 ) The fair value of the Shekel, Euro, Brazilian Real and Yuan loans issued bearing fixed interest is based on calculation of the present value of the cash flows in respect of the principal and the interest and is discounted at the market interest rates on the measurement date for similar loans having similar characteristics and is classified as Level 2 in the fair value hierarchy. The average discount interest as of December 31, 2021, for the Shekel, Euro Brazilian Real and Yuan loans was 1.5%, 1.2%, 13% and 4%, respectively (December 31, 2020, for the Shekel, Euro and Yuan loans 1.6%, 1.4%, and 5.1%, respectively). (2) The fair value of the marketable debentures is based on the quoted stock exchange price and is classified as Level 1 in the fair value hierarchy. (3) The |
Hierarchy of fair value | The following levels were defined: Level 1: Quoted (unadjusted) prices in an active market for identical instruments Level 2: Observed data (directly or indirectly) not included in Level 1 above. Level 1 As of December 31, 2021 As of December 31, 2020 $ millions $ millions Investments at fair value through other comprehensive income - 136 Level 2 As of December 31, 2021 As of December 31, 2020 $ millions $ millions Derivatives designated as economic hedge, net 15 (32) Derivatives designated as cash flow hedge, net 120 87 135 55 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Consolidated Financial Statements [Abstract] | |
Basic Earnings Per Share | Calculation of the basic earnings per share for the year ended December 31, 2021, is based on the earnings allocated to the holders of the ordinary shares divided by the weighted-average number of ordinary shares outstanding, calculated as follows: For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Earnings attributed to the shareholders of the Company 783 11 475 |
Weighted Average Number of Ordinary Shares | Weighted-average number of ordinary shares in thousands: For the year ended December 31 2021 2020 2019 Shares thousands Shares thousands Shares thousands Balance as of January 1 1,280,242 1,279,379 1,278,084 Shares issued during the year 223 29 98 Shares vested 2,342 618 768 Weighted average number of ordinary shares used in computation of the basic earnings per share 1,282,807 1,280,026 1,278,950 |
Weighted Average Number of Ordinary Shares Diluted | Weighted average number of ordinary shares (diluted) in thousands: For the year ended December 31 2021 2020 2019 Shares thousands Shares thousands Shares thousands Weighted average number of ordinary shares used in the computation of the basic earnings per share 1,282,807 1,280,026 1,278,950 Effect of stock options and restricted shares* 4,244 247 3,106 Weighted average number of ordinary shares used in the computation of the diluted earnings per share 1,287,051 1,280,273 1,282,056 * As of December 31, 2021, all 12 million outstanding options, representing 4.2 million shares, were included in the diluted weighted average number of ordinary shares calculation. As of December 31, 2020 and 2019 – 27 million and 17.5 million options, respectively, were not included since they did not have a diluting effect. |
Related and Interested Parties
Related and Interested Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions [abstract] | |
Benefits to key management personnel | For the year ended December 31 2021 2020 $ millions $ millions Short-term benefits 12 9 Post-employment benefits 1 1 Share-based payments 5 7 Total * 18 17 * To interested parties employed by the Company 3 3 * To interested parties not employed by the Company 1 2 |
Transactions with related and interested parties | For the year ended December 31 2021 2020 2019 $ millions $ millions $ millions Sales 7 3 4 Cost of sales 6 3 8 Selling, transport and marketing expenses 13 7 10 Financing expenses (income), net (2) ( 1 (1) General and administrative expenses 1 1 1 Management fees to the parent company 1 1 1 |
Balances with interested parties | As of December 31 2021 2020 $ millions $ millions Other current assets 40 35 Other current liabilities 4 2 |
Group Main Entities (Tables)
Group Main Entities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of composition of group | Ownership interest in its subsidiary and investee companies for the year ended December 31 Name of company Principal location of the company’s activity 2021 2020 ICL Israel Ltd. Israel 100.00% 100.00% Dead Sea Works Ltd. Israel 100.00% 100.00% Dead Sea Bromine Company Ltd. Israel 100.00% 100.00% Rotem Amfert Negev Ltd. Israel 100.00% 100.00% Mifalei Tovala Ltd. Israel 100.00% 100.00% Dead Sea Magnesium Ltd. Israel 100.00% 100.00% Bromine Compounds Ltd. Israel 100.00% 100.00% Fertilizers and Chemicals Ltd. Israel 100.00% 100.00% Iberpotash S.A. Spain 100.00% 100.00% Fuentes Fertilizantes S.L. Spain 100.00% 100.00% ICL Europe Coöperatief U.A. The Netherlands 100.00% 100.00% ICL Europe B.V. The Netherlands 100.00% 100.00% ICL IP Terneuzen B.V The Netherlands 100.00% 100.00% ICL Finance BV The Netherlands 100.00% 100.00% Everris International B.V. The Netherlands 100.00% 100.00% ICL Puriphos B.V. The Netherlands 100.00% 100.00% ICL-IP America Inc United States of America 100.00% 100.00% ICL Specialty Products Inc United States of America 100.00% 100.00% Everris NA, Inc. United States of America 100.00% 100.00% Growers Holdings, Inc. United States of America 100.00% 100.00% BK Giulini GmbH Germany 100.00% 100.00% ICL Holding Germany GmbH Germany 100.00% 100.00% ICL Bitterfeld GmbH Germany 100.00% 100.00% Prolactal GmbH Austria 100.00% 100.00% Cleveland Potash Ltd. United Kingdom 100.00% 100.00% Everris Ltd. United Kingdom 100.00% 100.00% ICL America do Sul Brazil 100.00% 100.00% Agro Fertilaqua Participacoes S.A. Brazil 100.00% 100.00% Qualyquímica Industria e Comercio de Produtos Quimicos Ltda Brazil 100.00% 100.00% ICL Brasil, Ltda. Brazil 100.00% 100.00% ICL Investment Co. Ltd. China 100.00% 100.00% Yunnan Phosphate Haikou Co. Ltd. China 50.00% 50.00% ICL Asia Ltd Hong Kong 100.00% 100.00% ICL Trading (HK) Ltd. Hong Kong 100.00% 100.00% Scora S.A.S., France France 100.00% 100.00% |
Significant Accounting Polici_4
Significant Accounting Policies (Schedule of Estimated Useful LIves of Property, Plant and Equipment) (Details) | 12 Months Ended | |
Dec. 31, 2021 | ||
Buildings [Member] | Maximum [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated Useful Life Depreciation in Years | 30 years | |
Buildings [Member] | Minimum [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated Useful Life Depreciation in Years | 15 years | |
Technical equipment and machinery [Member] | Maximum [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated Useful Life Depreciation in Years | 33 years | [1] |
Technical equipment and machinery [Member] | Minimum [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated Useful Life Depreciation in Years | 5 years | [1] |
Dikes and evaporating ponds [Member] | Maximum [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated Useful Life Depreciation in Years | 40 years | [2] |
Dikes and evaporating ponds [Member] | Minimum [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated Useful Life Depreciation in Years | 20 years | [2] |
Other [Member] | Maximum [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated Useful Life Depreciation in Years | 10 years | |
Other [Member] | Minimum [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated Useful Life Depreciation in Years | 3 years | |
[1] | Mainly 33 years | |
[2] | Mainly 40 years |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule of Estimated Useful LIves of Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Trademarks [Member] | Maximum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 20 years |
Trademarks [Member] | Minimum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 15 years |
Technology / patents [Member] | Maximum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 20 years |
Technology / patents [Member] | Minimum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 7 years |
Customer relationships [Member] | Maximum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 25 years |
Customer relationships [Member] | Minimum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 15 years |
Computer applications [Member] | Maximum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 10 years |
Computer applications [Member] | Minimum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 3 years |
Operating Segments (Narratives)
Operating Segments (Narratives) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Israel [Member] | |
Disclosure of geographical areas [Line Items] | |
Amount of loss from impairments and initiation of efficiency initiatives and measures | $ 274 |
Europe [Member] | |
Disclosure of geographical areas [Line Items] | |
Amount of income related to divestiture of businesses | $ 51 |
Operating Segments (Operating S
Operating Segments (Operating Segment Data) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Sales [Abstract] | |||
Sales to external parties | $ 6,955 | $ 5,043 | $ 5,271 |
Inter-segment sales | 0 | 0 | 0 |
Total sales | 6,955 | 5,043 | 5,271 |
Operating income (loss) [Abstract] | |||
Segment operating income (loss) | 1,194 | 509 | 760 |
Other expenses not allocated to segments | 16 | (307) | (4) |
Operating income | 1,210 | 202 | 756 |
Financing expenses, net | (122) | (158) | (129) |
Share in earnings of equity-accounted investees | 4 | 5 | 1 |
Income before income taxes | 1,092 | 49 | 628 |
Depreciation And Amortisation Expense | 484 | 579 | 433 |
Capital expenditures as part of business combination | 377 | 26 | |
Implementation of IFRS 16 | 339 | ||
Capital expenditures | 669 | 696 | 693 |
Industrial Products [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 1,601 | 1,242 | 1,307 |
Inter-segment sales | 16 | 13 | 11 |
Total sales | 1,617 | 1,255 | 1,318 |
Operating income (loss) [Abstract] | |||
Segment operating income (loss) | 435 | 303 | 338 |
Depreciation And Amortisation Expense | 65 | 77 | 67 |
Capital expenditures as part of business combination | 0 | 0 | |
Implementation of IFRS 16 | 8 | ||
Capital expenditures | 74 | 84 | 66 |
Potash [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 1,768 | 1,183 | 1,330 |
Inter-segment sales | 163 | 163 | 164 |
Total sales | 1,931 | 1,346 | 1,494 |
Operating income (loss) [Abstract] | |||
Segment operating income (loss) | 399 | 120 | 289 |
Depreciation And Amortisation Expense | 165 | 166 | 149 |
Capital expenditures as part of business combination | 0 | 0 | |
Implementation of IFRS 16 | 95 | ||
Capital expenditures | 298 | 296 | 383 |
Phosphate Solutions [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 2,334 | 1,871 | 1,901 |
Inter-segment sales | 98 | 77 | 79 |
Total sales | 2,432 | 1,948 | 1,980 |
Operating income (loss) [Abstract] | |||
Segment operating income (loss) | 307 | 66 | 100 |
Depreciation And Amortisation Expense | 215 | 210 | 177 |
Capital expenditures as part of business combination | 0 | 0 | |
Implementation of IFRS 16 | 113 | ||
Capital expenditures | 238 | 275 | 213 |
Innovative Ag Solutions [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 1,226 | 715 | 699 |
Inter-segment sales | 19 | 16 | 18 |
Total sales | 1,245 | 731 | 717 |
Operating income (loss) [Abstract] | |||
Segment operating income (loss) | 121 | 40 | 21 |
Depreciation And Amortisation Expense | 38 | 25 | 21 |
Capital expenditures as part of business combination | 377 | 0 | |
Implementation of IFRS 16 | 9 | ||
Capital expenditures | 36 | 20 | 21 |
Other activities [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 26 | 32 | 34 |
Inter-segment sales | 2 | 3 | 3 |
Total sales | 28 | 35 | 37 |
Operating income (loss) [Abstract] | |||
Segment operating income (loss) | (8) | (5) | 19 |
Depreciation And Amortisation Expense | 2 | 3 | 22 |
Capital expenditures as part of business combination | 0 | 26 | |
Implementation of IFRS 16 | 105 | ||
Capital expenditures | 6 | 6 | 4 |
Reconciliations [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 0 | 0 | 0 |
Inter-segment sales | (298) | (272) | (275) |
Total sales | (298) | (272) | (275) |
Operating income (loss) [Abstract] | |||
Segment operating income (loss) | (60) | (15) | (7) |
Depreciation And Amortisation Expense | (1) | 98 | (3) |
Capital expenditures as part of business combination | 0 | 0 | |
Implementation of IFRS 16 | 9 | ||
Capital expenditures | $ 17 | $ 15 | $ 6 |
Operating Segments (Sales by Ge
Operating Segments (Sales by Geographical Location of the Customer) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of geographical areas [Line Items] | |||
Sales | $ 6,955 | $ 5,043 | $ 5,271 |
% of sales | 100.00% | 100.00% | 100.00% |
Brazil [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 1,178 | $ 447 | $ 581 |
% of sales | 17.00% | 9.00% | 11.00% |
USA [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 1,091 | $ 793 | $ 840 |
% of sales | 16.00% | 16.00% | 16.00% |
China [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 1,060 | $ 806 | $ 802 |
% of sales | 15.00% | 16.00% | 15.00% |
United Kingdom [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 386 | $ 336 | $ 347 |
% of sales | 6.00% | 7.00% | 7.00% |
Germany [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 345 | $ 327 | $ 334 |
% of sales | 5.00% | 6.00% | 6.00% |
Israel [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 291 | $ 260 | $ 241 |
% of sales | 4.00% | 5.00% | 5.00% |
Spain [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 280 | $ 243 | $ 249 |
% of sales | 4.00% | 5.00% | 5.00% |
France [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 270 | $ 238 | $ 257 |
% of sales | 4.00% | 5.00% | 5.00% |
India [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 213 | $ 194 | $ 178 |
% of sales | 3.00% | 4.00% | 3.00% |
Italy [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 145 | $ 114 | $ 116 |
% of sales | 2.00% | 2.00% | 2.00% |
All others [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 1,696 | $ 1,285 | $ 1,326 |
% of sales | 24.00% | 25.00% | 25.00% |
Operating Segments (Sales by _2
Operating Segments (Sales by geographical location of the customer by Operating Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of geographical areas [Line Items] | |||
Sales | $ 6,955 | $ 5,043 | $ 5,271 |
Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 2,159 | 1,822 | 1,885 |
Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,876 | 1,432 | 1,423 |
South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,305 | 517 | 668 |
North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,186 | 859 | 910 |
Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 429 | 413 | 385 |
Industrial Products [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,617 | 1,255 | 1,318 |
Industrial Products [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 530 | 458 | 469 |
Industrial Products [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 597 | 405 | 399 |
Industrial Products [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 64 | 40 | 56 |
Industrial Products [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 363 | 299 | 353 |
Industrial Products [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 63 | 53 | 41 |
Potash [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,931 | 1,346 | 1,494 |
Potash [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 497 | 411 | 422 |
Potash [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 513 | 433 | 470 |
Potash [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 507 | 230 | 327 |
Potash [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 216 | 86 | 95 |
Potash [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 198 | 186 | 180 |
Phosphate Solutions [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 2,432 | 1,948 | 1,980 |
Phosphate Solutions [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 765 | 665 | 712 |
Phosphate Solutions [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 621 | 480 | 447 |
Phosphate Solutions [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 359 | 227 | 263 |
Phosphate Solutions [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 492 | 372 | 370 |
Phosphate Solutions [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 195 | 204 | 188 |
Innovative Ag Solutions [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,245 | 731 | 717 |
Innovative Ag Solutions [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 424 | 334 | 336 |
Innovative Ag Solutions [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 156 | 127 | 118 |
Innovative Ag Solutions [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 378 | 21 | 23 |
Innovative Ag Solutions [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 120 | 105 | 95 |
Innovative Ag Solutions [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 167 | 144 | 145 |
Other activities [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 28 | 35 | 37 |
Other activities [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 23 | 30 | 31 |
Other activities [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1 | 1 | 1 |
Other activities [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 0 | 0 | 0 |
Other activities [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1 | 2 | 0 |
Other activities [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 3 | 2 | 5 |
Reconciliations [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (298) | (272) | (275) |
Reconciliations [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (80) | (76) | (85) |
Reconciliations [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (12) | (14) | (12) |
Reconciliations [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (3) | (1) | (1) |
Reconciliations [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (6) | (5) | (3) |
Reconciliations [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ (197) | $ (176) | $ (174) |
Operating Segments (Sales by _3
Operating Segments (Sales by Geographical Location of the Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of geographical areas [Line Items] | |||
Sales | $ 6,955 | $ 5,043 | $ 5,271 |
Israel [Member] | Assets [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 3,526 | 2,636 | 2,815 |
Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 2,159 | 1,822 | 1,885 |
Europe [Member] | Assets [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 2,437 | 2,014 | 2,079 |
South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,305 | 517 | 668 |
South America [Member] | Assets [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,095 | 424 | 441 |
North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,186 | 859 | 910 |
North America [Member] | Assets [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 897 | 757 | 816 |
Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,876 | 1,432 | 1,423 |
Asia [Member] | Assets [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 861 | 643 | 615 |
Others [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 429 | 413 | 385 |
Others [Member] | Assets [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 56 | 48 | 47 |
Subtotal [Member] | Assets [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 8,872 | 6,522 | 6,813 |
Intercompany sales [Member] | Assets [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ (1,917) | $ (1,479) | $ (1,542) |
Operating Segments (Operating I
Operating Segments (Operating Income-Loss by Geographical Location of the Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of geographical areas [Line Items] | ||||
Operating income | $ 1,210 | $ 202 | $ 756 | |
Israel [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income | [1] | 863 | 105 | 578 |
Asia [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income | 179 | 64 | 59 | |
South America [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income | [2] | 95 | 35 | 19 |
North America [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income | 71 | 47 | 61 | |
Europe [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income | [1] | 7 | (50) | 32 |
Others [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income | 4 | 4 | 3 | |
Intercompany eliminations [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income | $ (9) | $ (3) | $ 4 | |
[1] | Israel operating income for 2020 includes a loss of $274 million resulting from impairments and the initiation of efficiency initiatives and measures. For further information, see Note 1B. | |||
[2] | South America operating income for 2021 includes $51 million resulting from the operations of Agro Fertilaqua Participações S.A., and ADS which were acquired during the year. For additional information see Note 8B. |
Operating Segments (Non Current
Operating Segments (Non Current Assets by Geographical Location of the Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [Line Items] | |||
Non-current assets | [1] | $ 6,796 | $ 6,399 |
Israel [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Non-current assets | [1] | 4,079 | 3,952 |
Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Non-current assets | [1] | 1,505 | 1,575 |
Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Non-current assets | [1] | 483 | 490 |
South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Non-current assets | [1] | 391 | 58 |
North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Non-current assets | [1] | 333 | 319 |
Others [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Non-current assets | [1] | $ 5 | $ 5 |
[1] | Mainly consist of property, plant and equipment, intangible assets and non-current inventories. |
Inventories (Information) (Deta
Inventories (Information) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Classes of current inventories [abstract] | ||
Finished products | $ 946 | $ 807 |
Work in progress | 299 | 263 |
Raw materials | 349 | 207 |
Spare parts | 125 | 125 |
Total inventories | 1,719 | 1,402 |
Non-current inventories - mainly raw materials (presented in non-current assets) | 149 | 152 |
Current inventories | $ 1,570 | $ 1,250 |
Prepaid expenses and other re_3
Prepaid expenses and other receivables (information) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 |
Trade and other receivables [abstract] | |||
Government institutions | $ 97 | $ 72 | |
Current tax assets | 97 | 65 | |
Prepaid expenses | 51 | 50 | |
Derivative instruments | 48 | 24 | |
Financial asset at amortized cost | 0 | 66 | $ 53 |
Other | 64 | 64 | |
Total other receivables | $ 357 | $ 341 |
Investments in Subsidiaries (Na
Investments in Subsidiaries (Narratives) (Details) $ in Millions | 1 Months Ended | ||||
Jan. 31, 2022USD ($) | Jul. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Jan. 31, 2021USD ($) | ||
Disclosure of detailed information about business combination [line items] | |||||
Total consideration | $ 258 | ||||
Net debt | [1] | $ 169 | |||
Agro Fertilaqua Participacoes S.A. [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Total consideration | $ 131 | ||||
Net debt | $ 43 | ||||
Ads [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Total consideration | $ 443 | ||||
Net debt | 104 | ||||
Jiaxing Icl Chemical Co. Ltd [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Total consideration | 25 | ||||
Capital gain | $ 18 | ||||
Novetide Ltd [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of shares sell | 0.50 | ||||
Consideration, equity method | $ 33 | ||||
Sale Consideration | 8 | ||||
Capital gain | $ 20 | ||||
[1] | As at the reporting date, the Company is still in a process of finalizing Agro Fertilaqua and ADS’ Purchase Price Allocation (PPA). |
Investments in Subsidiaries (No
Investments in Subsidiaries (Non-Controlling Interests in Subsidiaries - Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Investments in subsidiaries and investee companies [Line Items] | ||||
Current assets | $ 3,909 | $ 2,841 | ||
Non-current assets | 7,171 | 6,823 | ||
Current liabilities | (2,612) | (2,177) | ||
Non-current liabilities | (3,732) | (3,399) | ||
Equity | (4,736) | (4,088) | $ (4,061) | $ (3,915) |
Non-controlling interests [Member] | ||||
Investments in subsidiaries and investee companies [Line Items] | ||||
Current assets | 231 | 149 | ||
Non-current assets | 408 | 400 | ||
Current liabilities | (168) | (189) | ||
Non-current liabilities | (83) | (76) | ||
Equity | $ (388) | $ (284) |
Investments in Subsidiaries (_2
Investments in Subsidiaries (Non-Controlling Interests in Subsidiaries - Profit and Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments in subsidiaries and investee companies [Line Items] | |||
Sales | $ 6,955 | $ 5,043 | $ 5,271 |
Operating Income | 1,210 | 202 | 756 |
Depreciation and amortization | 484 | 579 | 433 |
Net Income | 832 | 24 | 481 |
Total Comprehensive income | 921 | 138 | 409 |
Non-controlling interests [Member] | |||
Investments in subsidiaries and investee companies [Line Items] | |||
Sales | 528 | 359 | 349 |
Operating Income | 105 | 29 | 23 |
Depreciation and amortization | 38 | 37 | 41 |
Operating income before depreciation and amortization | 143 | 66 | 64 |
Net Income | 96 | 23 | 11 |
Total Comprehensive income | $ 104 | $ 40 | $ 8 |
Investments in Subsidiaries (Sc
Investments in Subsidiaries (Schedule of Identifiable assets acquired and liabilities assumed) (Details) $ in Millions | Dec. 31, 2021USD ($) | [1] |
Disclosure of subsidiaries [abstract] | ||
Cash and cash equivalents | $ 34 | |
Inventories | 102 | |
Trade and Other receivables | 169 | |
Property, plant and equipment | 125 | |
Intangible assets | 252 | |
Other non-current assets | 23 | |
Trade and Other payables | (106) | |
Loans and Credit | (169) | |
Provisions | (3) | |
Net identifiable assets | $ 427 | |
[1] | As at the reporting date, the Company is still in a process of finalizing Agro Fertilaqua and ADS’ Purchase Price Allocation (PPA). |
Other Non-Current Assets (Infor
Other Non-Current Assets (Information) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Noncurrent Assets [Abstract] | |||
Non-current inventories | $ 149 | $ 152 | |
Surplus in employees' defined benefit plans | [1] | 115 | 91 |
Derivative designated as a cash flow hedge | 97 | 115 | |
Investments in equity-accounted investees | 26 | 27 | |
Other | 16 | 8 | |
Total other non-current assets | $ 403 | $ 393 | |
[1] | See Note 16. |
Property, Plant and Equipment_2
Property, Plant and Equipment (Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | $ 5,550 | ||||
IFRS 16 initial implementation | $ 339 | ||||
Reversal of impairment | (9) | $ 0 | (10) | ||
Balance at end of year | 5,754 | 5,550 | |||
Depreciated balance at end of year | 5,754 | 5,550 | |||
Gross [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | 12,017 | 11,194 | |||
Additions in respect of business combinations | 125 | ||||
Additions | 642 | 675 | |||
Disposals | (73) | (69) | |||
Exit from consolidation | (33) | (26) | |||
Translation differences | (187) | 243 | |||
Balance at end of year | 12,491 | 12,017 | 11,194 | ||
Depreciated balance at end of year | 12,491 | 12,017 | 11,194 | ||
Accumulated depreciation [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | (6,467) | (5,863) | |||
Depreciation | 454 | 461 | |||
Reversal of impairment | 6 | ||||
Disposals | 62 | 59 | |||
Impairment | (85) | ||||
Exit from consolidation | (22) | (10) | |||
Translation differences | (94) | 127 | |||
Balance at end of year | (6,737) | (6,467) | (5,863) | ||
Depreciated balance at end of year | (6,737) | (6,467) | (5,863) | ||
Land and buildings [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | 389 | ||||
Balance at end of year | 605 | 389 | |||
Depreciated balance at end of year | 605 | 389 | |||
Land and buildings [Member] | Gross [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | 880 | 804 | |||
Additions in respect of business combinations | 85 | ||||
Additions | 193 | 63 | |||
Disposals | (2) | (7) | |||
Exit from consolidation | (9) | (14) | |||
Translation differences | (40) | 34 | |||
Balance at end of year | 1,107 | 880 | 804 | ||
Depreciated balance at end of year | 1,107 | 880 | 804 | ||
Land and buildings [Member] | Accumulated depreciation [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | (491) | (445) | |||
Depreciation | 30 | 35 | |||
Reversal of impairment | 0 | ||||
Disposals | 5 | 6 | |||
Impairment | 0 | ||||
Exit from consolidation | (3) | (2) | |||
Translation differences | (11) | 19 | |||
Balance at end of year | (502) | (491) | (445) | ||
Depreciated balance at end of year | (502) | (491) | (445) | ||
Technical equipment and machinery [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | 3,119 | ||||
Balance at end of year | 3,254 | 3,119 | |||
Depreciated balance at end of year | 3,254 | 3,119 | |||
Technical equipment and machinery [Member] | Gross [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | 7,419 | 6,865 | |||
Additions in respect of business combinations | 20 | ||||
Additions | 382 | 467 | |||
Disposals | (44) | (34) | |||
Exit from consolidation | (21) | (5) | |||
Translation differences | (92) | 126 | |||
Balance at end of year | 7,664 | 7,419 | 6,865 | ||
Depreciated balance at end of year | 7,664 | 7,419 | 6,865 | ||
Technical equipment and machinery [Member] | Accumulated depreciation [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | (4,300) | (3,950) | |||
Depreciation | 227 | 246 | |||
Reversal of impairment | (6) | ||||
Disposals | 34 | 31 | |||
Impairment | 58 | ||||
Exit from consolidation | (19) | (4) | |||
Translation differences | (58) | 81 | |||
Balance at end of year | (4,410) | (4,300) | (3,950) | ||
Depreciated balance at end of year | (4,410) | (4,300) | (3,950) | ||
Dikes and evaporating ponds [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | 678 | ||||
Balance at end of year | 668 | 678 | |||
Depreciated balance at end of year | 668 | 678 | |||
Dikes and evaporating ponds [Member] | Gross [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | 1,441 | 1,392 | |||
Additions in respect of business combinations | 0 | ||||
Additions | 51 | 21 | |||
Disposals | (1) | 0 | [1] | ||
Exit from consolidation | 0 | 0 | [1] | ||
Translation differences | (26) | 28 | |||
Balance at end of year | 1,465 | 1,441 | 1,392 | ||
Depreciated balance at end of year | 1,465 | 1,441 | 1,392 | ||
Dikes and evaporating ponds [Member] | Accumulated depreciation [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | (763) | (666) | |||
Depreciation | 55 | 47 | |||
Reversal of impairment | 0 | ||||
Disposals | 0 | 0 | |||
Impairment | 27 | ||||
Exit from consolidation | 0 | 0 | |||
Translation differences | (21) | 23 | |||
Balance at end of year | (797) | (763) | (666) | ||
Depreciated balance at end of year | (797) | (763) | (666) | ||
Plants under construction [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | [1] | 778 | |||
Balance at end of year | [1] | 664 | 778 | ||
Depreciated balance at end of year | [1] | 664 | 778 | ||
Plants under construction [Member] | Gross [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | [1] | 778 | 765 | ||
Additions in respect of business combinations | [1] | 9 | |||
Additions | [1] | (99) | (24) | ||
Disposals | [1] | 0 | |||
Exit from consolidation | [1] | 0 | |||
Translation differences | [1] | (24) | 37 | ||
Balance at end of year | [1] | 664 | 778 | 765 | |
Depreciated balance at end of year | [1] | 664 | 778 | 765 | |
Plants under construction [Member] | Accumulated depreciation [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | [1] | 0 | 0 | ||
Depreciation | [1] | 0 | 0 | ||
Reversal of impairment | [1] | 0 | |||
Disposals | [1] | 0 | 0 | ||
Impairment | [1] | 0 | |||
Exit from consolidation | [1] | 0 | 0 | ||
Translation differences | [1] | 0 | 0 | ||
Balance at end of year | [1] | 0 | 0 | 0 | |
Depreciated balance at end of year | [1] | 0 | 0 | 0 | |
Other [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | 186 | ||||
Balance at end of year | 192 | 186 | |||
Depreciated balance at end of year | 192 | 186 | |||
Other [Member] | Gross [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | 1,003 | 945 | |||
Additions in respect of business combinations | 2 | ||||
Additions | 78 | 68 | |||
Disposals | (6) | (7) | |||
Exit from consolidation | (1) | (6) | |||
Translation differences | (3) | 3 | |||
Balance at end of year | 1,073 | 1,003 | 945 | ||
Depreciated balance at end of year | 1,073 | 1,003 | 945 | ||
Other [Member] | Accumulated depreciation [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | (817) | (760) | |||
Depreciation | 71 | 66 | |||
Reversal of impairment | 0 | ||||
Disposals | 4 | 7 | |||
Impairment | 0 | ||||
Exit from consolidation | 0 | (4) | |||
Translation differences | (3) | 2 | |||
Balance at end of year | (881) | (817) | (760) | ||
Depreciated balance at end of year | (881) | (817) | (760) | ||
Right of use assets [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | 400 | ||||
Balance at end of year | 371 | 400 | |||
Depreciated balance at end of year | 371 | 400 | |||
Right of use assets [member] | Gross [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | 496 | 423 | |||
Additions in respect of business combinations | 9 | ||||
Additions | 37 | 80 | |||
Disposals | (20) | (21) | |||
Exit from consolidation | (2) | (1) | |||
Translation differences | (2) | 15 | |||
Balance at end of year | 518 | 496 | 423 | ||
Depreciated balance at end of year | 518 | 496 | 423 | ||
Right of use assets [member] | Accumulated depreciation [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of year | (96) | (42) | |||
Depreciation | 71 | 67 | |||
Reversal of impairment | 0 | ||||
Disposals | 19 | 15 | |||
Impairment | 0 | ||||
Exit from consolidation | 0 | 0 | |||
Translation differences | (1) | 2 | |||
Balance at end of year | (147) | (96) | (42) | ||
Depreciated balance at end of year | $ (147) | $ (96) | $ (42) | ||
[1] | The additions are presented net of items for which construction has been completed and accordingly were reclassified to other categories in the “property, plant and equipment” section. |
Property, Plant and Equipment_3
Property, Plant and Equipment (Narratives) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Extended useful life of certain property, plant and equipment | 5-10 years |
Impact on earning due to reduction in depreciation expenses | $ 51 |
Change in the inventory value due to reduction in depreciation expenses | 18 |
Total consideration | 258 |
Third Party [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Total consideration | 16.5 |
Capital gain | $ 16 |
Intangible Assets (Composition)
Intangible Assets (Composition) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | $ 670 | |
Balance at end of period | 867 | $ 670 |
Gross [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,107 | 1,046 |
Additions in respect of business combinations | 252 | 26 |
Additions | 27 | 21 |
Exit from consolidation | (15) | |
Translation differences | (67) | 29 |
Balance at end of period | 1,319 | 1,107 |
Accumulated impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (437) | (394) |
Amortization for the year | 36 | 28 |
Impairment | 5 | |
Exit from consolidation | (5) | |
Translation differences | (21) | 15 |
Balance at end of period | (452) | (437) |
Goodwill [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 320 | |
Balance at end of period | 502 | 320 |
Goodwill [Member] | Gross [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 341 | 323 |
Additions in respect of business combinations | 210 | 18 |
Additions | 0 | 0 |
Exit from consolidation | 0 | |
Translation differences | (29) | 0 |
Balance at end of period | 522 | 341 |
Goodwill [Member] | Accumulated impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (21) | (21) |
Amortization for the year | 0 | 0 |
Impairment | 0 | |
Exit from consolidation | 0 | |
Translation differences | (1) | 0 |
Balance at end of period | (20) | (21) |
Concessions and mining rights [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 144 | |
Balance at end of period | 135 | 144 |
Concessions and mining rights [Member] | Gross [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 218 | 209 |
Additions in respect of business combinations | 0 | 0 |
Additions | 0 | 0 |
Exit from consolidation | 0 | |
Translation differences | (3) | 9 |
Balance at end of period | 215 | 218 |
Concessions and mining rights [Member] | Accumulated impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (74) | (70) |
Amortization for the year | 6 | 2 |
Impairment | 0 | |
Exit from consolidation | 0 | |
Translation differences | 0 | 2 |
Balance at end of period | (80) | (74) |
Trademarks [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 58 | |
Balance at end of period | 54 | 58 |
Trademarks [Member] | Gross [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 92 | 86 |
Additions in respect of business combinations | 1 | 0 |
Additions | 0 | 0 |
Exit from consolidation | 0 | |
Translation differences | (5) | 6 |
Balance at end of period | 88 | 92 |
Trademarks [Member] | Accumulated impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (34) | (28) |
Amortization for the year | 3 | 3 |
Impairment | 0 | |
Exit from consolidation | 0 | |
Translation differences | (3) | 3 |
Balance at end of period | (34) | (34) |
Technology / patents [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 38 | |
Balance at end of period | 39 | 38 |
Technology / patents [Member] | Gross [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 93 | 84 |
Additions in respect of business combinations | 2 | 7 |
Additions | 6 | 1 |
Exit from consolidation | (5) | |
Translation differences | (4) | 6 |
Balance at end of period | 97 | 93 |
Technology / patents [Member] | Accumulated impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (55) | (49) |
Amortization for the year | 5 | 5 |
Impairment | 0 | |
Exit from consolidation | (2) | |
Translation differences | (2) | 3 |
Balance at end of period | (58) | (55) |
Customer relationships [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 49 | |
Balance at end of period | 72 | 49 |
Customer relationships [Member] | Gross [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 172 | 176 |
Additions in respect of business combinations | 39 | 1 |
Additions | 1 | 0 |
Exit from consolidation | (10) | |
Translation differences | (9) | 5 |
Balance at end of period | 203 | 172 |
Customer relationships [Member] | Accumulated impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (123) | (114) |
Amortization for the year | 12 | 9 |
Impairment | 0 | |
Exit from consolidation | (3) | |
Translation differences | (4) | 3 |
Balance at end of period | (131) | (123) |
Computer application [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 42 | |
Balance at end of period | 50 | 42 |
Computer application [Member] | Gross [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 118 | 99 |
Additions in respect of business combinations | 0 | 0 |
Additions | 19 | 18 |
Exit from consolidation | 0 | |
Translation differences | (13) | 1 |
Balance at end of period | 124 | 118 |
Computer application [Member] | Accumulated impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (76) | (68) |
Amortization for the year | 7 | 7 |
Impairment | 0 | |
Exit from consolidation | 0 | |
Translation differences | (9) | 1 |
Balance at end of period | (74) | (76) |
Other Intangible Assets [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 19 | |
Balance at end of period | 15 | 19 |
Other Intangible Assets [Member] | Gross [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 73 | 69 |
Additions in respect of business combinations | 0 | 0 |
Additions | 1 | 2 |
Exit from consolidation | 0 | |
Translation differences | (4) | 2 |
Balance at end of period | 70 | 73 |
Other Intangible Assets [Member] | Accumulated impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (54) | (44) |
Amortization for the year | 3 | 2 |
Impairment | 5 | |
Exit from consolidation | 0 | |
Translation differences | (2) | 3 |
Balance at end of period | $ (55) | $ (54) |
Intangible Assets (Total Book V
Intangible Assets (Total Book Value of Intangible Assets ) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Intangible assets and goodwill [abstract] | ||
Intangible assets having a defined useful life | $ 333 | $ 317 |
Intangible assets having an indefinite useful life | 534 | 353 |
Total intangible assets | $ 867 | $ 670 |
Impairment Testing (Narratives)
Impairment Testing (Narratives) (Details) | Dec. 31, 2021 |
Impairment Testing [Abstract] | |
After-tax discount rate used in calculation of the recoverable amount of the operating segments (nominal) | 8.00% |
Long-term growth rate | 2.00% |
Impairment Testing (Carrying Am
Impairment Testing (Carrying Amounts of Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible assets having an indefinite useful life [Line Items] | |||
Intangible assets having an indefinite useful life | $ 534 | $ 353 | |
Goodwill [Member] | |||
Intangible assets having an indefinite useful life [Line Items] | |||
Intangible assets having an indefinite useful life | 502 | 320 | |
Trademarks [Member] | |||
Intangible assets having an indefinite useful life [Line Items] | |||
Intangible assets having an indefinite useful life | 32 | 33 | |
Phosphate Solutions [Member] | Goodwill [Member] | |||
Intangible assets having an indefinite useful life [Line Items] | |||
Intangible assets having an indefinite useful life | 114 | 116 | |
Industrial Products [Member] | Goodwill [Member] | |||
Intangible assets having an indefinite useful life [Line Items] | |||
Intangible assets having an indefinite useful life | 91 | 94 | |
Innovative Ag Solutions [Member] | Goodwill [Member] | |||
Intangible assets having an indefinite useful life [Line Items] | |||
Intangible assets having an indefinite useful life | [1] | 260 | 73 |
Potash [Member] | Goodwill [Member] | |||
Intangible assets having an indefinite useful life [Line Items] | |||
Intangible assets having an indefinite useful life | 19 | 19 | |
Other [Member] | Goodwill [Member] | |||
Intangible assets having an indefinite useful life [Line Items] | |||
Intangible assets having an indefinite useful life | $ 18 | $ 18 | |
[1] | The increase is mainly from the acquisitions of Fertiláqua and ADS businesses. For further information, see Note 8B. |
Credit from Banks and Others (N
Credit from Banks and Others (Narratives) (Details) € in Millions, ₪ in Millions, R$ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2021USD ($) | Sep. 30, 2021EUR (€) | Mar. 31, 2021ILS (₪) | Mar. 31, 2021USD ($) | Jan. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2018 | Oct. 31, 2021USD ($) | Jul. 31, 2021USD ($) | Mar. 31, 2021BRL (R$) | Mar. 31, 2021ILS (₪) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | ||
Borrowings From Banks And Others [Line Items] | ||||||||||||||
Total guarantees the Company provided including to an associated Company | $ 93 | $ 93 | $ 92 | |||||||||||
Limit guarantees and indemnities to third parties up to an agreed amount | 550 | 550 | ||||||||||||
Utilization of the securitization facility | $ 180 | $ 180 | $ 183 | |||||||||||
Net debt to EBITDA under securitization agreements | 4.75 | 4.75 | ||||||||||||
Percentage of direct and indirect scope of sustainability performance targets | 25.00% | |||||||||||||
Amount of securitization agreements with committed value | $ 300 | |||||||||||||
Amount of securitization agreements with uncommitted value | $ 100 | |||||||||||||
Percentage of voting rights | 25.00% | 25.00% | ||||||||||||
Increased revolving credit facility capacity | $ 100 | |||||||||||||
Revolving credit facility | 1,200 | |||||||||||||
Total expected credit facility from all banks | 1,000 | |||||||||||||
Revolving credit facility utilized | $ 170 | |||||||||||||
Total consideration | $ 258 | $ 258 | ||||||||||||
Net debt | [1] | 169 | $ 169 | |||||||||||
Private Placement Bond [Member] | ||||||||||||||
Borrowings From Banks And Others [Line Items] | ||||||||||||||
Repayments of bonds | $ 69.4 | $ 84 | ||||||||||||
Series E Bond [Member] | ||||||||||||||
Borrowings From Banks And Others [Line Items] | ||||||||||||||
Borrowings | ₪ 1,569 | $ 487 | ||||||||||||
Repayments of bonds | ₪ 392 | $ 118 | ||||||||||||
Sustainability linked loan (SLL) [Member] | ||||||||||||||
Borrowings From Banks And Others [Line Items] | ||||||||||||||
Borrowings | € | € 250 | |||||||||||||
Borrowings, interest rate | 0.80% | |||||||||||||
Borrowings, maturity | five-year term through 2026 | |||||||||||||
MUFG Bank [Member] | ||||||||||||||
Borrowings From Banks And Others [Line Items] | ||||||||||||||
Maximum withdrawal capacity under credit facility agreement | R$ 230 | 42 | ||||||||||||
Amount of withdrawn under credit facility agreement | R$ 180 | $ 32 | ||||||||||||
ICL IBERIA [Member] | ||||||||||||||
Borrowings From Banks And Others [Line Items] | ||||||||||||||
Borrowings | € | € 25 | |||||||||||||
Borrowings, interest rate | 0.95% | |||||||||||||
Borrowings, maturity | 45-month | |||||||||||||
Agro Fertilaqua Participacoes S.a. [Member] | ||||||||||||||
Borrowings From Banks And Others [Line Items] | ||||||||||||||
Total consideration | 131 | |||||||||||||
Net debt | $ 43 | |||||||||||||
Ads [Member] | ||||||||||||||
Borrowings From Banks And Others [Line Items] | ||||||||||||||
Total consideration | $ 443 | |||||||||||||
Net debt | $ 104 | |||||||||||||
[1] | As at the reporting date, the Company is still in a process of finalizing Agro Fertilaqua and ADS’ Purchase Price Allocation (PPA). |
Credit from Banks and Others (C
Credit from Banks and Others (Composition) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term debt | ||
From financial institutions | $ 327 | $ 296 |
Current maturities of: Debentures | 131 | 206 |
Long-term loans from financial institutions | 56 | 90 |
Lease liability | 63 | 64 |
Long-term loans from others | 0 | 23 |
Total current maturities of short-term debt | 250 | 383 |
Total short-term debt | 577 | 679 |
Long- term debt and debentures | ||
Long term lease liability | 299 | 325 |
Loans from financial institutions | 679 | 194 |
Other loans | 0 | 24 |
Total long- term debt and debentures | 978 | 543 |
Marketable debentures | 1,517 | 1,618 |
Non-marketable Debentures | 191 | 275 |
Total Marketable Debentures | 1,708 | 1,893 |
Total Long Term Debt And Marketable Debentures | 2,686 | 2,436 |
Less – current maturities of: Debentures | 131 | 206 |
Long-term loans from financial institutions | 56 | 90 |
Lease liability | 63 | 64 |
Long-term loans from others | 0 | 23 |
Total current maturities of short-term debt | 250 | 383 |
Long-term debt, debentures and others | $ 2,436 | $ 2,053 |
Credit from Banks and Others (Y
Credit from Banks and Others (Yearly movement in Credit from Banks and Others) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Credit From Banks And Others [Abstract] | |||
Balance as at January 1 | $ 2,660 | $ 2,559 | |
Changes from financing cash flows | |||
Additions in respect of business combination | 171 | 0 | |
Receipt of long-term debts | 1,230 | 1,175 | $ 657 |
Repayment of long-term debt | (1,120) | (1,133) | (689) |
Repayment of short-term credit | (58) | (52) | (183) |
Interest paid | (112) | (109) | |
Receipt (payments) from transaction in derivatives | (17) | 24 | |
Total net financing cash flows | 94 | (95) | |
Initial recognition of lease liability | 37 | 80 | |
Interest expenses | 126 | 120 | |
Effect of changes in foreign exchange rates | (21) | 84 | |
Change in fair value of derivatives | (24) | (53) | |
Other changes | 42 | (35) | |
Balance as at December 31 | $ 2,914 | $ 2,660 | $ 2,559 |
Credit from Banks and Others (I
Credit from Banks and Others (Information on Material Loans and Debentures) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Debentures Series F [Member] | May 2018, December 2020 [Member] | US Dollar [Member] | |
Disclosure of material loans and debentures [Line Items] | |
Original amount | $ 693 |
Carrying amount | $ 715 |
Interest rate | 6.38% |
Principal repayment date | May 2038 |
Debentures Series E [Member] | April 2016 [Member] | Israel, New Shekels | |
Disclosure of material loans and debentures [Line Items] | |
Original amount | $ 1,569 |
Carrying amount | $ 378 |
Interest rate | 2.45% |
Principal repayment date | 2021- 2024 (annual installment) |
Debentures (private offering) - 3 series [Member] | January 2014 [Member] | US Dollar [Member] | |
Disclosure of material loans and debentures [Line Items] | |
Original amount | $ 275 |
Carrying amount | $ 145 |
Interest rate | 5.16% 5.31% |
Principal repayment date | January 2024 January 2026 |
Debentures (private offering) - 3 series [Member] | January 2014 [Member] | US Dollar [Member] | |
Disclosure of material loans and debentures [Line Items] | |
Carrying amount | $ 46 |
Debentures Series G [Member] | January/May 2020 [Member] | Israel, New Shekels | |
Disclosure of material loans and debentures [Line Items] | |
Original amount | 766 |
Carrying amount | $ 241 |
Interest rate | 2.40% |
Principal repayment date | 2022- 2034 (annual installment) |
Debentures Series D [Member] | December 2014 [Member] | US Dollar [Member] | |
Disclosure of material loans and debentures [Line Items] | |
Original amount | $ 184 |
Carrying amount | $ 183 |
Interest rate | 4.50% |
Principal repayment date | December 2024 |
Sustainability linked loan (SLL) [Member] | September 2021 [Member] | Euro Member Countries, Euro | |
Disclosure of material loans and debentures [Line Items] | |
Original amount | $ 250 |
Carrying amount | $ 282 |
Interest rate | 0.80 |
Principal repayment date | September 2026 |
Loan from European Bank [Member] | September 2021 [Member] | GBP [Member] | |
Disclosure of material loans and debentures [Line Items] | |
Original amount | $ 25 |
Carrying amount | $ 28 |
Interest rate | 0.95% |
Principal repayment date | June 2025 |
Loan-Israeli Institutions [Member] | November 2013 [Member] | Israel, New Shekels | |
Disclosure of material loans and debentures [Line Items] | |
Original amount | $ 300 |
Carrying amount | $ 56 |
Interest rate | 4.74% |
Principal repayment date | 2015-2024 (annual installment) |
Loan - Asian Bank [Member] | May 2020, May 2021 [Member] | China, Yuan Renminbi | |
Disclosure of material loans and debentures [Line Items] | |
Original amount | $ 151 |
Carrying amount | $ 20 |
Interest rate | 4.25%-4.95% |
Principal repayment date | December 2020 - May |
Loan - Asian Bank [Member] | September 2020, March 2021 | China, Yuan Renminbi | |
Disclosure of material loans and debentures [Line Items] | |
Original amount | $ 380 |
Carrying amount | $ 56 |
Interest rate | 4.25%-4.40% |
Principal repayment date | 2023March 2021-March 2024 |
Loan - Brazilian Bank [Member] | December 2014-January 2021 | Brazil, Brazil Real | |
Disclosure of material loans and debentures [Line Items] | |
Original amount | $ 350 |
Carrying amount | $ 47 |
Interest rate | 4%-8% |
Principal repayment date | January 2015-June 2025 |
Credit from Banks and Others _2
Credit from Banks and Others (Credit Facilities) (Details) | 12 Months Ended | |
Dec. 31, 2021 | ||
Group Of International Banks [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Date of the credit facility | March 2015 | [1] |
Date of credit facility termination | March 2025 | [1] |
The amount of the credit facility | USD 1,200 million | [1] |
Credit facility has been utilized | Euro 150 million | [1] |
Interest rate | Up to 33% use of the credit: Libor/Euribor + 0.70%. From 33% to 66% use of the credit: Libor/Euribor + 0.80% 66% or more use of the credit: Libor/Euribor + 0.95% | [1] |
Loan currency type | USD and Euro loans | [1] |
Pledges and restrictions | Financial covenants - see Section D, a cross-default mechanism and a negative pledge. | [1] |
Non-utilization fee | 0.21% | [1] |
European bank [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Date of the credit facility | December 2016 | |
Date of credit facility termination | May 2024 | |
The amount of the credit facility | USD 30 million | |
Credit facility has been utilized | USD 30 million | |
Interest rate | 30 million dollar-Libor + 0.80% | |
Loan currency type | USD loans | |
Pledges and restrictions | Financial covenants - see Section D and a negative pledge. | |
Non-utilization fee | 0.00% | |
Brazilian Bank [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Date of the credit facility | March 2021 | [2] |
Date of credit facility termination | March 2023 | [2] |
The amount of the credit facility | BRL 230 million | [2] |
Credit facility has been utilized | BRL 180 million | [2] |
Interest rate | CDI + 0.95% | [2] |
Loan currency type | BRL loans | [2] |
Pledges and restrictions | - | [2] |
Non-utilization fee | 0.00% | [2] |
[1] | In October 2021, an additional bank joined the credit facility agreement, increasing the revolving credit facility by an additional $100 million, leading to a total amount of $1.2 billion. Most banks signed on to continue the credit facility agreement and from March 2023 to March 2025, the total credit facility will amount to $1 billion. As of December 31, 2021, the Company had utilized approximately $170 million of the facility’s framework. | |
[2] | In March 2021, the Company signed a framework credit facility agreement with MUFG Bank for a period of two years, according to which the Company can withdraw up to BRL 230 million (about $42 million). As of December 31, 2021, the Company has withdrawn BRL 180 million (about $32 million), with a maturity date of March 2023. |
Credit from Banks and Others (R
Credit from Banks and Others (Restrictions on the Group Relating to the Receipt of Credit) (Details) $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Credit From Banks And Others [Abstract] | ||
Financial Covenants Total shareholder's equity | $ 4,527 | $ 3,930 |
Financial Covenant: Ratio of the EBITDA to the net interest expenses equal to or greater than 3.5 | 14.98 | |
Financial Covenant: Ratio of the net financial debt to EBITDA less than 3.5 | 1.38 | |
Financial Covenant: Ratio of certain subsidiaries loans to the total assets of the consolidated company less than 10% | 4.51% |
Other Payables (Information) (D
Other Payables (Information) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other payables [abstract] | ||
Employees | $ 414 | $ 322 |
Current tax liabilities | 183 | 87 |
Governmental (mainly in respect of royalties) | 103 | 75 |
Accrued expenses | 75 | 76 |
Income received in advance | 33 | 17 |
Derivative designated as an economic hedge | 3 | 43 |
Others | 101 | 84 |
Other payables | $ 912 | $ 704 |
Taxes on Income (Narratives) (D
Taxes on Income (Narratives) (Details) ₪ in Millions | 12 Months Ended | ||||||
Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2008 | Dec. 31, 2021USD ($) | Dec. 31, 2015USD ($) | |
Deferred income taxes [Line Items] | |||||||
Income tax rate | 23.00% | 23.00% | 23.00% | 23.00% | |||
Percentage of corporate tax rate eligibility | 6.00% | 6.00% | |||||
Temporary difference related to distribution of a dividend from exempt income in respect of which deferred taxes were not recognized | ₪ | ₪ 950 | ||||||
The amount of deferred taxes which were not recognized | ₪ | ₪ 305 | ||||||
Carryforward tax losses of subsidiaries for which deferred taxes recorded | $ 418,000,000 | $ 286,000,000 | |||||
Carryforward tax losses to future years of subsidiaries for which deferred taxes not recorded | 338,000,000 | ||||||
Carryforward tax losses for which deferred taxes were not recorded | 392,000,000 | ||||||
Capital losses for which deferred taxes were not recorded | $ 161,000,000 | 163,000,000 | |||||
Royalty percentage for resources produced from the quarries | 5.00% | 5.00% | |||||
Adjusted taxable profit based on the mineral operating income | The taxable profit is based on the mineral operating income, as adjusted, after a deduction of 5% of the mineral’s year end working capital, and an amount that reflects a yield of 14% on the value of property, plant and equipment used for production and sale of the quarried material (hereinafter – Yield). | The taxable profit is based on the mineral operating income, as adjusted, after a deduction of 5% of the mineral’s year end working capital, and an amount that reflects a yield of 14% on the value of property, plant and equipment used for production and sale of the quarried material (hereinafter – Yield). | |||||
Description of progressive tax based on yield | On the tax base, as stated, a progressive tax will be imposed at a rate to be determined based on the Yield in that year. For a Yield between 14% and 20%, Natural Resources Tax will be imposed at the rate of 25%, while Yield in excess of 20% will be subject to Natural Resources Tax at the rate of 42%. In years in which the Natural Resources Tax base is negative, the negative amount will be carried forward from year to year and will constitute a tax shield in the succeeding tax year. The above computations, including the right to use prior years’ losses, are made separately, without considering setoffs, for each natural resource production and sale activity. | On the tax base, as stated, a progressive tax will be imposed at a rate to be determined based on the Yield in that year. For a Yield between 14% and 20%, Natural Resources Tax will be imposed at the rate of 25%, while Yield in excess of 20% will be subject to Natural Resources Tax at the rate of 42%. In years in which the Natural Resources Tax base is negative, the negative amount will be carried forward from year to year and will constitute a tax shield in the succeeding tax year. The above computations, including the right to use prior years’ losses, are made separately, without considering setoffs, for each natural resource production and sale activity. | |||||
Amount of magnesium charge DSW per tone | $ 100 | ||||||
Fair value of property, plant and equipment | $ 6,000,000,000 | ||||||
Percentage of revenue generates from bromine compounds sales | 12.00% | 12.00% | |||||
Percentage of revenue generates from downstream phosphate products sales | 12.00% | 12.00% | |||||
Operating income | $ 1,210,000,000 | 202,000,000 | $ 756,000,000 | ||||
Value of the property, plant and equipment | $ 5,550,000,000 | $ 5,754,000,000 | |||||
Increase In Tax Liabilities | 237,000,000 | ||||||
Demand for payment of surplus profit levy by Israeli Tax Authority | $ 77,000,000 | ||||||
Tax provision | ₪ | ₪ 47 | ||||||
Maximum [Member] | |||||||
Deferred income taxes [Line Items] | |||||||
Corporate tax rate | 70.00% | 70.00% | |||||
Minimum [Member] | |||||||
Deferred income taxes [Line Items] | |||||||
Corporate tax rate | 40.00% | 40.00% | |||||
ICL Belgium [Member] | |||||||
Deferred income taxes [Line Items] | |||||||
Tax assessment in respect of prior tax years | $ 105,000,000 | ||||||
Settlement Agreement Between Company And Ita [Member] | |||||||
Deferred income taxes [Line Items] | |||||||
Amount paid for complete settlement of all claims | $ 30,000,000 | ||||||
IRELAND [Member] | |||||||
Deferred income taxes [Line Items] | |||||||
Reduced tax rate percentage | 11.50% | ||||||
Israel [Member] | Preferred Enterprises Located In Development Area [Member] | |||||||
Deferred income taxes [Line Items] | |||||||
Income tax rate | 7.50% | 7.50% | |||||
Israel [Member] | Preferred Enterprises Located In Rest Of Country [Member] | |||||||
Deferred income taxes [Line Items] | |||||||
Income tax rate | 16.00% | 16.00% |
Taxes on Income (Tax rates of s
Taxes on Income (Tax rates of subsidiaries outside Israel) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred income taxes [Line Items] | |||
Tax rate | 23.00% | 23.00% | 23.00% |
Brazil [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 34.00% | ||
Germany [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 29.00% | ||
United States [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 26.00% | ||
Additional information for tax rate | The tax rate is an estimated average and includes federal and states tax. Different rate may apply in each specific year, as a result of different allocation of income between the different states. | ||
Netherlands [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 25.00% | ||
Spain [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 25.00% | ||
China [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 25.00% | ||
United Kingdom [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 19.00% |
Taxes on Income (Deferred incom
Taxes on Income (Deferred income taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | $ (199) | $ (232) |
Additions in respect of business combinations | 13 | |
Amounts Recorded In Statement Of Income | (20) | 34 |
Amounts Recorded To A Capital Reserve | (23) | (9) |
Translation differences | (8) | 8 |
Balance as at the end of the year | (237) | (199) |
Depreciable property, plant and equipment and intangible assets [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | (439) | (421) |
Additions in respect of business combinations | 0 | |
Amounts Recorded In Statement Of Income | 16 | (17) |
Amounts Recorded To A Capital Reserve | 0 | 0 |
Translation differences | 2 | (1) |
Balance as at the end of the year | (421) | (439) |
Inventories [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | 38 | 32 |
Additions in respect of business combinations | 1 | |
Amounts Recorded In Statement Of Income | 0 | 6 |
Amounts Recorded To A Capital Reserve | 0 | 0 |
Translation differences | 0 | 0 |
Balance as at the end of the year | 39 | 38 |
Provisions for employee benefits [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | 94 | 84 |
Additions in respect of business combinations | 1 | |
Amounts Recorded In Statement Of Income | 2 | 13 |
Amounts Recorded To A Capital Reserve | (22) | (6) |
Translation differences | (2) | 3 |
Balance as at the end of the year | 73 | 94 |
Other [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | (7) | 19 |
Additions in respect of business combinations | 9 | |
Amounts Recorded In Statement Of Income | (14) | (28) |
Amounts Recorded To A Capital Reserve | (1) | 0 |
Translation differences | (3) | 2 |
Balance as at the end of the year | (16) | (7) |
In respect of carry forward tax losses [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | 115 | 54 |
Additions in respect of business combinations | 2 | |
Amounts Recorded In Statement Of Income | (24) | 60 |
Amounts Recorded To A Capital Reserve | 0 | (3) |
Translation differences | (5) | 4 |
Balance as at the end of the year | $ 88 | $ 115 |
Taxes on Income (Deferred Taxes
Taxes on Income (Deferred Taxes by Currency) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred income taxes [Line Items] | |||
Deferred income taxes | $ (237) | $ (199) | $ (232) |
Euro Member Countries, Euro | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | 84 | 73 | |
Brazilian Real [Member] | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | 13 | (4) | |
British Pound [Member] | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | 0 | 17 | |
US Dollar [Member] | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | (10) | (6) | |
Israel, New Shekels | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | (327) | (280) | |
Other [Member] | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | $ 3 | $ 1 |
Taxes on Income (Composition) (
Taxes on Income (Composition) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Major components of tax expense (income) [abstract] | ||||
Current taxes | $ 145 | $ 70 | $ 91 | |
Deferred taxes | 22 | (43) | 61 | |
Taxes in respect of prior years | [1] | 93 | (2) | (5) |
Income taxes | $ 260 | $ 25 | $ 147 | |
[1] | In 2021, including $47 million in respect of trapped earnings release |
Taxes on Income (Theoretical Ta
Taxes on Income (Theoretical Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Major components of tax expense (income) [abstract] | ||||
Income before income taxes, as reported in the statements of income | $ 1,092 | $ 49 | $ 628 | |
Statutory tax rate (in Israel) | 23.00% | 23.00% | 23.00% | |
Theoretical tax expense | $ 251 | $ 11 | $ 144 | |
Add (less) - the tax effect of: | ||||
Tax benefits deriving from the Law for Encouragement of Capital Investments net of natural Resources Tax | (64) | (6) | (8) | |
Differences deriving from additional deduction and different tax rates applicable to foreign subsidiaries | (10) | (4) | (15) | |
Tax on dividend | 3 | 2 | 2 | |
Deductible temporary differences (including carryforward losses) for which deferred taxes assets were not recorded and non-deductible expenses | (8) | 14 | 17 | |
Taxes in respect of prior years | [1] | 93 | (2) | (5) |
Differences in measurement basis (mainly ILS/USD) | (8) | 10 | 15 | |
Other Differences | 3 | 0 | (3) | |
Taxes on income included in the income statements | 260 | $ 25 | $ 147 | |
Trapped earnings release | $ 47 | |||
[1] | In 2021, including $47 million in respect of trapped earnings release |
Taxes on Income (Items Recorded
Taxes on Income (Items Recorded in Equity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Actuarial gains from defined benefit plan | $ (22) | $ (6) | $ 10 |
Change in investments at fair value through other comprehensive income | (21) | 0 | (1) |
Taxes in respect of exchange rate differences on equity loan to a subsidiary included in translation adjustment | (1) | (3) | 1 |
Tax recorded in other comprehensive income | $ (44) | $ (9) | $ 10 |
Employee Benefits (Narratives)
Employee Benefits (Narratives) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Description of pension and early retirement plan | Some of the Company’s employees in and outside of Israel have defined benefit pension plans for their retirement, which are controlled by the Company. Generally, according to the terms of the plans, as stated, the employees are entitled to receive pension payments based on, among other things, their number of years of service (in certain cases up to 70% of their last base salary) or computed, in certain cases, based on a fixed salary. Some employees of a subsidiary in Israel are entitled to early retirement if they meet certain conditions, including age and seniority at the time of retirement. | |||
Actual return (loss) on plan assets | $ 23 | $ 14 | $ 61 | |
Expenses recorded in respect of defined contribution plans | 43 | $ 39 | $ 37 | |
The Company's estimate of deposits expected in funded defined benefit plans for 2019 | $ 9 | |||
Life of defined benefit plans | 13 years 7 months 6 days | 15 years 3 months 18 days | ||
Year 2022 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Cash incentive to senior managers subject to compliance with certain financial targets | $ 32 | |||
Year 2024 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Cash incentive to senior managers subject to compliance with certain financial targets | $ 40 |
Employee Benefits (Composition
Employee Benefits (Composition of Employee Benefits) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Classes of employee benefits expense [abstract] | ||
Fair value of plan assets | $ 648 | $ 629 |
Termination benefits | (135) | (158) |
Defined benefit obligation | (993) | (1,075) |
Total Employee benefits | $ (480) | $ (604) |
Employee Benefits (Compositio_2
Employee Benefits (Composition of Fair Value of the Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Levels of fair value hierarchy [Line Items] | ||
Equity instruments | $ 280 | $ 264 |
Debt instruments | 340 | 337 |
Deposits with insurance companies | 28 | 28 |
Fair value of plan assets | 648 | 629 |
With quoted market price [Member] | ||
Levels of fair value hierarchy [Line Items] | ||
Equity instruments | 230 | 224 |
Debt instruments | 337 | 334 |
Without quoted market price [Member] | ||
Levels of fair value hierarchy [Line Items] | ||
Equity instruments | 50 | 40 |
Debt instruments | $ 3 | $ 3 |
Employee Benefits (Movement in
Employee Benefits (Movement in Net Defined Benefit Assets Liabilities and in their Components) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in net defined benefit assets (liabilities) [Line Items] | ||
Balance as at the begining of the year | $ 629 | |
Other movements [Abstract] | ||
Balance as at the end of the year | 648 | $ 629 |
Fair value of plan assets [Member] | ||
Movement in net defined benefit assets (liabilities) [Line Items] | ||
Balance as at the begining of the year | 629 | 583 |
Income (costs) included in profit or loss [Abstract] | ||
Current service costs | 0 | 0 |
Interest income (expenses) | 6 | 5 |
Past service cost | 0 | 0 |
Effect of movements in exchange rates, net | 8 | 16 |
Included in other comprehensive income [Abstract] | ||
Actuarial profits (losses) deriving from changes in financial assumptions | 0 | 0 |
Other actuarial gains | 17 | 9 |
Change with respect to translation differences ,net | (10) | 18 |
Other movements [Abstract] | ||
Benefits received (paid) | (6) | (6) |
Employer contribution | 4 | 4 |
Balance as at the end of the year | 648 | 629 |
Defined benefit obligation [Member] | ||
Movement in net defined benefit assets (liabilities) [Line Items] | ||
Balance as at the begining of the year | (1,075) | (1,004) |
Income (costs) included in profit or loss [Abstract] | ||
Current service costs | (24) | (22) |
Interest income (expenses) | (14) | (14) |
Past service cost | 12 | 11 |
Effect of movements in exchange rates, net | (16) | (34) |
Included in other comprehensive income [Abstract] | ||
Actuarial profits (losses) deriving from changes in financial assumptions | 68 | (24) |
Other actuarial gains | 0 | |
Change with respect to translation differences ,net | 21 | (32) |
Other movements [Abstract] | ||
Benefits received (paid) | 35 | 44 |
Balance as at the end of the year | (993) | (1,075) |
Defined benefit obligation, net [Member] | ||
Movement in net defined benefit assets (liabilities) [Line Items] | ||
Balance as at the begining of the year | (446) | (421) |
Income (costs) included in profit or loss [Abstract] | ||
Current service costs | (24) | (22) |
Interest income (expenses) | (8) | (9) |
Past service cost | 12 | 11 |
Effect of movements in exchange rates, net | (8) | (18) |
Included in other comprehensive income [Abstract] | ||
Actuarial profits (losses) deriving from changes in financial assumptions | 68 | (24) |
Other actuarial gains | 17 | 9 |
Change with respect to translation differences ,net | 11 | (14) |
Other movements [Abstract] | ||
Benefits received (paid) | 29 | 38 |
Employer contribution | 4 | 4 |
Balance as at the end of the year | $ (345) | $ (446) |
Employee Benefits (Actuarial As
Employee Benefits (Actuarial Assumptions) (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Discount rate as at the end of the year [Member] | |||
Actuarial assumptions [Line Items] | |||
Principal actuarial assumptions | 2.10% | 1.70% | 2.10% |
Future salary increases [Member] | |||
Actuarial assumptions [Line Items] | |||
Principal actuarial assumptions | 3.90% | 3.40% | 3.20% |
Future pension increase [Member] | |||
Actuarial assumptions [Line Items] | |||
Principal actuarial assumptions | 2.30% | 2.00% | 2.10% |
Employee Benefits (Sensitivity
Employee Benefits (Sensitivity Analysis) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | $ 993 | $ 1,075 |
Salary increase [Member] | Decrease 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (14) | |
Salary increase [Member] | Decrease 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (7) | |
Salary increase [Member] | Increase 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 7 | |
Salary increase [Member] | Increase 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 14 | |
Discount rate [Member] | Decrease 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 20 | |
Discount rate [Member] | Decrease 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 10 | |
Discount rate [Member] | Increase 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (10) | |
Discount rate [Member] | Increase 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (20) | |
Mortality table [Member] | Decrease 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 24 | |
Mortality table [Member] | Decrease 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 12 | |
Mortality table [Member] | Increase 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (12) | |
Mortality table [Member] | Increase 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | $ (24) |
Provisions (Narratives) (Detail
Provisions (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2018 | |
Suria And Sallent Sites, Spain [Member] | |||
Disclosure of other provisions [line items] | |||
Period used for estimating the cost of closure and restoration for the Salltent site | 50 years | ||
Damage claims by owners relating to contamination in Suria and Sallent | $ 22 | ||
Provision relating owners' claims due to contamination in Suria and Sallent | $ 4 | ||
Rotem Amfert Israel [Member] | |||
Disclosure of other provisions [line items] | |||
Amount of provision for the closure and restoration for the Salltent site | $ 89 | ||
Bromine Israel [Member] | |||
Disclosure of other provisions [line items] | |||
Amount of provision for the closure and restoration for the Salltent site | $ 43 | ||
Percent of water drawing charges in concession area | 65.00% | ||
Water drawing yearly charges outside the concession area | $ 3 |
Provisions (Information) (Detai
Provisions (Information) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure of other provisions [line items] | |
Balance at the beginning of the year | $ 321 |
Provisions recorded during the year | 41 |
Provisions recorded in respect of business combinations | 3 |
Provisions reversed during the period | (4) |
Payments during the period | (16) |
Translation differences | (8) |
Balance at the end of the year | 337 |
Site restoration and equipmen dismantling [Member] | |
Disclosure of other provisions [line items] | |
Balance at the beginning of the year | 279 |
Provisions recorded during the year | 24 |
Provisions recorded in respect of business combinations | 0 |
Provisions reversed during the period | 0 |
Payments during the period | (13) |
Translation differences | (7) |
Balance at the end of the year | 283 |
Legal claims [Member] | |
Disclosure of other provisions [line items] | |
Balance at the beginning of the year | 10 |
Provisions recorded during the year | 5 |
Provisions recorded in respect of business combinations | 3 |
Provisions reversed during the period | (3) |
Payments during the period | (1) |
Translation differences | (1) |
Balance at the end of the year | 13 |
Other [Member] | |
Disclosure of other provisions [line items] | |
Balance at the beginning of the year | 32 |
Provisions recorded during the year | 12 |
Provisions recorded in respect of business combinations | 0 |
Provisions reversed during the period | (1) |
Payments during the period | (2) |
Translation differences | 0 |
Balance at the end of the year | $ 41 |
Commitments, Concessions and _2
Commitments, Concessions and Contingent Liabilities (Narratives) (Details) ₪ / shares in Units, Numberofpersons in Thousands | 1 Months Ended | 12 Months Ended | |||||
Oct. 31, 2020₪ / shares | Jun. 30, 2020USD ($) | Dec. 31, 2021ILS (₪)Numberofpersons | Dec. 31, 2021USD ($)Numberofpersons | Dec. 31, 2017USD ($) | Dec. 31, 2016 | Dec. 31, 2021USD ($) | |
Capital commitments [abstract] | |||||||
Contractual commitments for acquisition of raw materials and energy | $ 2,400,000,000 | ||||||
Contractual commitments for acquisition of Property, Plant and Equipment | 617,000,000 | ||||||
Project cost to be paid throughout construction and operation period | $ 110,000,000 | ||||||
Expected extension of construction period | 4 years | 4 years | |||||
Expected extension of operation period | 25 years | 25 years | |||||
Total amount of new natural gas agreement with Energean | $ 1,800,000,000 | ||||||
Year of supply of natural gas | 15 years | ||||||
Price of gas supply obtained from Energean | ₪ / shares | ₪ 4 | ||||||
Period of extension of unified concession for Rotem Israel | 3 years | 3 years | |||||
Rotem's existing obligations to rehabilitate its mining and plants areas | $ 19,000,000 | ||||||
Period of mining of phosphate or until exhaustion of raw material whichever occurs first | 25 years | ||||||
Long term lease agreement with a third party of office building | 15 years | ||||||
Extension term lease agreement with third party of office building | 10 years | ||||||
Annual rent on long-term lease agreement | $ 3,000,000 | ||||||
Indemnification payable for directors and officers limit | 300,000,000 | ||||||
Consolidated Depreciation Expenses Relating To Assets In Concession Area | 86,000,000 | ||||||
Property plant and equipment value for tax purposes of Dead Sea Works, Dead Sea Bromine and Dead Sea Magnesium | $ 6,000,000,000 | ||||||
Dsw Rate Of Royalties Payment | 5.00% | 5.00% | |||||
Royalty rate for production of phosphates | 0.05 | 0.05 | |||||
Additional amount royalty recognized | $ 7,000,000 | ||||||
Claimed remedies for an application for a class action on alleged environmental hazards to Zin stream | ₪ 3,000,000,000 | 933,000,000 | |||||
Remedy relating aquifer and Bokek stream restoration - application for certification of a claim as class action | 1,400,000,000 | 435,000,000 | |||||
Remedy relating dyke collapse - first class action for 8.68 million persons | ₪ 1,000 | 311 | |||||
Number of persons involved in salt harvesting project | Numberofpersons | 8,680 | 8,680 | |||||
Remedy relating dyke collapse - second class action | ₪ 250,000,000 | 77,000,000 | |||||
Award personal compensation | 2,000,000,000 | 622,000,000 | |||||
Remedy relating dyke collapse - third class action | 202,500,000 | 63,000,000 | |||||
Remedy relating dyke collapse - Nature and Parks Authority | 397,000,000 | 123,000,000 | |||||
A class action claim relating air pollution in Haifa Bay | ₪ 13,400,000,000 | 4,200,000,000 | |||||
The company's part in financing of the coastline defenses | 39.50% | 39.50% | |||||
The company's part in financing of the Salt Harvesting project | 80.00% | 80.00% | |||||
The government's part in financing of the Salt Harvesting project | 20.00% | 20.00% | |||||
Maximum government's share in financing of the Salt Harvesting project | ₪ | ₪ 1,400,000,000 | ||||||
ICL's damages lawsuit against IBM | 300,000,000 | ||||||
IBM counterclaim | 170,000,000 | 53,000,000 | |||||
Net settlement of claimed compensation on holding in Sal Vesta | $ 17,000,000 | ||||||
Amount of damages alleged by group incurred respondents | 133,000,000 | 40,000,000 | |||||
Amount Of additional damages alleged by group incurred respondents | 57,000,000 | $ 17,000,000 | |||||
Maximal damage for Hamonization for application for certification of a claim as class action | 395,000,000 | 123,000,000 | |||||
Minimal damage for Hamonization for application for certification of a claim as class action | 26,000,000 | 8,000,000 | |||||
Compensation in application for certification of a claim as class action regarding alleged monopolistic exploitation - difference test | 56,000,000 | 17,000,000 | |||||
Compensation in application for certification of a claim as class action regarding alleged monopolistic exploitation - comparison test | ₪ 73,000,000 | $ 23,000,000 | |||||
Percentage of mining royalties | 1.50% | 1.50% | |||||
Royalty payment | $ 1,400,000 |
Equity (Narratives) (Details)
Equity (Narratives) (Details) $ / shares in Units, shares in Millions, $ in Millions | Feb. 08, 2022USD ($)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020₪ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) |
Equity [abstract] | |||||
Percentage of acquisition of issued share capital | 14.00% | ||||
Percentage of acquisition of augmentation of issued share capital | 25.00% | ||||
Percentage of acquisition of augmentation of existing holding up to | 25.00% | ||||
Percentage of acquisition of augmentation of existing holding less than | 25.00% | ||||
Weighted average share price | (per share) | ₪ 30.01 | $ 9.65 | |||
Number of shares acquired by subsidiaries or associates under purchase plan | shares | 22.4 | ||||
Total consideration | $ | $ 258 | ||||
Expenses from Equity Compensation Plans | $ | $ 6 | $ 8 | $ 12 | ||
Total shares held by the company and it's subsidiaries | shares | 24.5 | ||||
Number of non-marketable and non-transferable options granted | shares | 13 | ||||
Fair value non-marketable and non-transferable options granted | $ | $ 24.5 |
Equity (Composition) (Details)
Equity (Composition) (Details) - shares shares in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Number of Ordinary shares of Israeli Shekel 1 par value (in millions) [Member] | |||
Disclosure of classes of share capital [Line Items] | |||
Number of shares authorized | 1,485 | 1,485 | |
Number of shares issued and paid | 1,312 | 1,305 | 1,305 |
Number of Special State shares of Israeli Shekel 1 par value [Member] | |||
Disclosure of classes of share capital [Line Items] | |||
Number of shares authorized | 1 | 1 | |
Number of shares issued and paid | 1 | 1 |
Equity (Reconciliation of the N
Equity (Reconciliation of the Number of Shares Outstanding) (Details) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Ordinary shares of Israeli Shekel 1 par value (in millions) [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Balance as at Start of Period | 1,305 | 1,305 |
Issuance of shares | 7 | 0 |
Balance as at End of Period | 1,312 | 1,305 |
Number of Special State share of Israeli Shekel 1 par value [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Balance as at Start of Period | 1 | |
Balance as at End of Period | 1 | 1 |
Equity (Share-based Payments to
Equity (Share-based Payments to Employees, Non-marketable Options) (Details) - Non-marketable options [Member] shares in Thousands | 12 Months Ended | |
Dec. 31, 2021shares | ||
Officers and senior employees [Member] | August 6, 2014 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | 3,993 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. In case that on the exercise date the closing price of an ordinary share is higher than twice the exercise price (the “Share Value Cap”), the number of the exercised shares will be reduced so that the product of the exercised shares actually issued to an offeree multiplied by the share closing price will equal to the product of the number of exercised options multiplied by the Share Value Cap. | |
Vesting conditions | 3 equal tranches: (1) one third on December 1, 2016 (2) one third on December 1, 2017 (3) one third on December 1, 2018 | |
Expiration date | Two years from the vesting date. | |
Officers and senior employees [Member] | June 30, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | 3,035 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | June 30, 2023 | |
Officers and senior employees [Member] | June 20, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | 6,868 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | June 20, 2024 | |
Officers and senior employees [Member] | March 6, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | 5,554 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | March 6, 2025 | |
Former CEO [Member] | February 14, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | 114 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | February 14, 2024 | |
Former Chairman B O D [Member] | September 5, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | 186 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | June 30, 2023 | |
Former Chairman B O D [Member] | August 2, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | 165 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | June 20, 2024 | |
Former Chairman B O D [Member] | August 20, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | 403 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | August 20, 2025 | |
CEO [Member] | May 14, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | 385 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | May 14, 2025 | |
CEO [Member] | June 27, 2019 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | 3,512 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 2 equal tranches:(1) half at the end of 24 months after the grant date.(2) half at the end of 36 months after the grant date. | |
Officers and senior manager [Member] | April 15, 2019 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | 13,242 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 2 equal tranches:(1) half at the end of 24 months after the grant date.(2) half at the end of 36 months after the grant date. | [1] |
Expiration date | 5 years after the grant date | [1] |
Chairman B O D [Member] | May 29, 2019 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | 2,169 | [1] |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 2 equal tranches:(1) half at the end of 24 months after the grant date.(2) half at the end of 36 months after the grant date. | |
Expiration date | 5 years after the grant date | |
Senior Employees [Member] | June 30, 2021 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | 647 | [1] |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 2 equal tranches:(1) half at the end of 24 months after the grant date.(2) half at the end of 36 months after the grant date. | |
Expiration date | 5 years after the grant date | |
[1] | The options were issued upon Mr. Doppelt's entry into office on July 1, 2019. |
Equity (Share-based Payments _2
Equity (Share-based Payments to Employees, Non-marketable Options, Grants Parameters) (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)yr$ / shares | |
Granted 2014 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share price (in $) | $ / shares | $ 8.2 |
CPI-linked exercise price (in $) | $ | $ 8.4 |
Fair value | $ | $ 8,400,000 |
Weighted average grant date fair value per option (in $) | $ / shares | $ 1.9 |
Granted 2016 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share price (in $) | $ / shares | $ 3.9 |
CPI-linked exercise price (in $) | $ | $ 4.3 |
Fair value | $ | $ 4,000,000 |
Weighted average grant date fair value per option (in $) | $ / shares | $ 1.1 |
Granted 2017 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share price (in $) | $ / shares | $ 4.5 |
CPI-linked exercise price (in $) | $ | $ 4.3 |
Fair value | $ | $ 11,300,000 |
Weighted average grant date fair value per option (in $) | $ / shares | $ 1.6 |
Granted 2018 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share price (in $) | $ / shares | $ 4.4 |
CPI-linked exercise price (in $) | $ | $ 4.3 |
Fair value | $ | $ 8,800,000 |
Weighted average grant date fair value per option (in $) | $ / shares | $ 1.4 |
Granted 2019 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share price (in $) | $ / shares | $ 5.4 |
CPI-linked exercise price (in $) | $ | $ 5.3 |
Fair value | $ | $ 7,500,000 |
Weighted average grant date fair value per option (in $) | $ / shares | $ 1.2 |
Granted 2021 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share price (in $) | $ / shares | $ 6.8 |
CPI-linked exercise price (in $) | $ | $ 7.1 |
Fair value | $ | $ 600,000 |
Weighted average grant date fair value per option (in $) | $ / shares | $ 1.3 |
First tranche [Member] | Granted 2014 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 29.40% |
Expected life of options (in years) | 4.3 |
Risk-free interest rate | (0.17%) |
First tranche [Member] | Granted 2016 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 30.51% |
Expected life of options (in years) | 7 |
Risk-free interest rate | 0.01% |
First tranche [Member] | Granted 2017 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 31.88% |
Expected life of options (in years) | 7 |
Risk-free interest rate | 0.37% |
First tranche [Member] | Granted 2018 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 28.86% |
Expected life of options (in years) | 7 |
Risk-free interest rate | 0.03% |
First tranche [Member] | Granted 2019 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 27.85% |
Expected life of options (in years) | 4.4 |
Risk-free interest rate | (0.67%) |
First tranche [Member] | Granted 2021 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 31.70% |
Expected life of options (in years) | 4.4 |
Risk-free interest rate | 0.43% |
Second tranche [Member] | Granted 2014 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 31.20% |
Expected life of options (in years) | 5.3 |
Risk-free interest rate | 0.05% |
Second tranche [Member] | Granted 2016 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 30.51% |
Expected life of options (in years) | 7 |
Risk-free interest rate | 0.01% |
Second tranche [Member] | Granted 2017 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 31.88% |
Expected life of options (in years) | 7 |
Risk-free interest rate | 0.37% |
Second tranche [Member] | Granted 2018 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 28.86% |
Expected life of options (in years) | 7 |
Risk-free interest rate | 0.03% |
Second tranche [Member] | Granted 2019 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 27.85% |
Expected life of options (in years) | 4.4 |
Risk-free interest rate | (0.67%) |
Second tranche [Member] | Granted 2021 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 31.70% |
Expected life of options (in years) | 4.4 |
Risk-free interest rate | 0.43% |
Third tranche [Member] | Granted 2014 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 40.80% |
Expected life of options (in years) | 6.3 |
Risk-free interest rate | 0.24% |
Third tranche [Member] | Granted 2016 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 30.51% |
Expected life of options (in years) | 7 |
Risk-free interest rate | 0.01% |
Third tranche [Member] | Granted 2017 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 31.88% |
Expected life of options (in years) | 7 |
Risk-free interest rate | 0.37% |
Third tranche [Member] | Granted 2018 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 28.86% |
Expected life of options (in years) | 7 |
Risk-free interest rate | 0.03% |
Third tranche [Member] | Granted 2019 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 0.00% |
Expected life of options (in years) | 0 |
Risk-free interest rate | 0.00% |
Third tranche [Member] | Granted 2021 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected Volatility | 0.00% |
Expected life of options (in years) | 0 |
Risk-free interest rate | 0.00% |
Equity (Share-based Payments _3
Equity (Share-based Payments to Employees, Non-marketable Options, Movement) (Details) - Non-marketable options [Member] Pure in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Balance as at start of year | 27 | 30 |
Granted during the year | 1 | |
Expired during the year | (2) | |
Exercised during the year | (16) | (1) |
Balance as at end of year | 12 | 27 |
Equity (Share-based Payments _4
Equity (Share-based Payments to Employees, Non-marketable Options, Exercise Price) (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Granted 2014 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price for options outstanding | $ 0 | $ 0 | $ 7.15 |
Granted 2016 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price for options outstanding | 4.61 | 4.56 | 4.36 |
Granted 2017 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price for options outstanding | 4.19 | 4.17 | 4.01 |
Granted 2018 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price for options outstanding | 4.11 | 4.12 | 3.99 |
Granted 2019 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price for options outstanding | 5.77 | 5.66 | 5.42 |
Granted 2021 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price for options outstanding | $ 7.39 | $ 0 | $ 0 |
Equity (Share-based Payments _5
Equity (Share-based Payments to Employees, Non-marketable Options, Number of Options Vested) (Details) $ in Millions | Dec. 31, 2021USD ($)₪ / shares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)₪ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)₪ / shares | Dec. 31, 2019USD ($)$ / shares |
Equity [abstract] | ||||||
Number of options exercisable (In Millions) | 4 | 4 | 11 | 11 | 12 | 12 |
Weighted average exercise price | (per share) | ₪ 14.29 | $ 4.59 | ₪ 13.89 | $ 4.32 | ₪ 15.19 | $ 4.40 |
Equity (Share-based Payments _6
Equity (Share-based Payments to Employees, Non-marketable Options, Range of Exercise Prices) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Range of exercise price in Israeli Shekel | 12.77-18.06 | 13.15-18.32 | 13.55-24.71 |
Range of exercise price in US Dollar | 4.11-5.81 | 4.09-5.70 | 3.92-7.15 |
Equity (Share-based Payments _7
Equity (Share-based Payments to Employees, Non-marketable Options, Average Remaining Contractual Life) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Average remaining contractual life | 2 years 9 months 29 days | 3 years 6 months 29 days | 3 years 10 months 6 days |
Equity (Share-based Payments _8
Equity (Share-based Payments to Employees, Restricted Shares) (Details) - Restricted shares [Member] shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)shares | ||
Officers and senior employees [Member] | June 30, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | shares | 990 | |
Fair value at the grant date (Million) | $ | $ 4.1 | |
Officers and senior employees [Member] | June 20, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | shares | 2,211 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | An issuance for no consideration, under the amended 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the approval date of the BOD and/or the approval date of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 10 | |
Officers and senior employees [Member] | March 6, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | shares | 1,726 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | An issuance for no consideration, under the amended 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the approval date of the BOD and/or the approval date of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 8 | |
Former CEO [Member] | February 14, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | An issuance for no consideration, under the amended 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the approval date of the BOD and/or the approval date of the General Meeting where required). | |
ICLs Directors (excluding ICLs CEO and Chairman of the BOD) [Member] | January 10, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | shares | 137 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | An issuance for no consideration, under the amended 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the approval date of the BOD and/or the approval date of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 0.6 | |
ICLs Directors (excluding ICLs CEO and Chairman of the BOD) [Member] | August 20, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Instrument terms | An issuance for no consideration, under the amended 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the approval date of the BOD and/or the approval date of the General Meeting where required). | |
ICLs Directors (excluding ICLs Chairman of the BOD) [Member] | January 3, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the approval date of the BOD and/or the approval date of the General Meeting where required). | |
ICLs Directors (excluding directors who are officers or directors of Israel Corporation Ltd.) [Member] | April 23, 2020 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | shares | 177 | |
Vesting conditions | 3 equal tranches: (1) one third on January 1, 2021 (2) one third on January 1, 2022 (3) one third on January 1,2023 | [1] |
Instrument terms | An issuance for no consideration, under the amended 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the Grant Date (the approval date of the annual General Meeting of shareholders). | |
Fair value at the grant date (Million) | $ | $ 0.6 | |
Former Chairman B O D [Member] | September 5, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | shares | 55 | |
Fair value at the grant date (Million) | $ | $ 4.1 | |
Former Chairman B O D [Member] | August 2, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | shares | 53 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | An issuance for no consideration, under the amended 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the approval date of the BOD and/or the approval date of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 0.3 | |
Former Chairman B O D [Member] | August 20, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | shares | 47 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | An issuance for no consideration, under the amended 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the approval date of the BOD and/or the approval date of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 0.2 | |
CEO [Member] | May 14, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of instruments (thousands) | shares | 121 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | An issuance for no consideration, under the amended 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the approval date of the BOD and/or the approval date of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 0.6 | |
[1] | Vesting of the Restricted Shares would be fully accelerated if the holder ceases to serve as a director of the Company, unless he/she ceased to hold office due to those certain circumstances regarding early termination of office or imposition of enforcement measures, as set forth in Sections 231-232a and 233(2) of the Israeli Companies Law. |
Equity (Dividends Distributed t
Equity (Dividends Distributed to the Company's Shareholders) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Gross amount of the dividend distributed (in millions of $) | $ 276 | $ 118 | $ 277 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 276 | $ 118 | $ 273 | |
Amount of the dividend per share (in dollar) | $ 0.21 | $ 0.09 | $ 0.22 | |
February 4, 2019 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Actual date of distribution of the dividend | Mar. 13, 2019 | |||
Gross amount of the dividend distributed (in millions of $) | $ 62 | |||
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 61 | |||
Amount of the dividend per share (in dollar) | $ 0.05 | |||
May 6, 2019 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Actual date of distribution of the dividend | Jun. 19, 2019 | |||
Gross amount of the dividend distributed (in millions of $) | $ 76 | |||
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 75 | |||
Amount of the dividend per share (in dollar) | $ 0.06 | |||
July 30, 2019 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Actual date of distribution of the dividend | Sep. 24, 2019 | |||
Gross amount of the dividend distributed (in millions of $) | $ 74 | |||
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 73 | |||
Amount of the dividend per share (in dollar) | $ 0.06 | |||
November 5, 2019 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Actual date of distribution of the dividend | Dec. 18, 2019 | |||
Gross amount of the dividend distributed (in millions of $) | $ 65 | |||
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 64 | |||
Amount of the dividend per share (in dollar) | $ 0.05 | |||
February 11, 2020 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Actual date of distribution of the dividend | Mar. 18, 2020 | |||
Gross amount of the dividend distributed (in millions of $) | $ 23 | |||
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 23 | |||
Amount of the dividend per share (in dollar) | $ 0.02 | |||
May 10, 2020 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Actual date of distribution of the dividend | Jun. 17, 2020 | |||
Gross amount of the dividend distributed (in millions of $) | $ 30 | |||
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 30 | |||
Amount of the dividend per share (in dollar) | $ 0.02 | |||
July 27, 2020 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Actual date of distribution of the dividend | Sep. 16, 2020 | |||
Gross amount of the dividend distributed (in millions of $) | $ 36 | |||
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 36 | |||
Amount of the dividend per share (in dollar) | $ 0.03 | |||
November 10, 2020 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Actual date of distribution of the dividend | Dec. 16, 2020 | |||
Gross amount of the dividend distributed (in millions of $) | $ 29 | |||
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 29 | |||
Amount of the dividend per share (in dollar) | $ 0.02 | |||
February 10, 2021 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Actual date of distribution of the dividend | Mar. 16, 2021 | |||
Gross amount of the dividend distributed (in millions of $) | $ 34 | |||
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 34 | |||
Amount of the dividend per share (in dollar) | $ 0.03 | |||
May 5, 2021 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Actual date of distribution of the dividend | Jun. 16, 2021 | |||
Gross amount of the dividend distributed (in millions of $) | $ 67 | |||
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 67 | |||
Amount of the dividend per share (in dollar) | $ 0.05 | |||
July 27, 2021 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Actual date of distribution of the dividend | Sep. 1, 2021 | |||
Gross amount of the dividend distributed (in millions of $) | $ 68 | |||
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 68 | |||
Amount of the dividend per share (in dollar) | $ 0.05 | |||
November 3, 2021 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Actual date of distribution of the dividend | Dec. 15, 2021 | |||
Gross amount of the dividend distributed (in millions of $) | $ 107 | |||
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 107 | |||
Amount of the dividend per share (in dollar) | $ 0.08 | |||
February 11, 2022 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Actual date of distribution of the dividend | Mar. 8, 2022 | |||
Gross amount of the dividend distributed (in millions of $) | $ 169 | |||
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 169 | |||
Amount of the dividend per share (in dollar) | $ 0.13 |
Details of Income Statement I_3
Details of Income Statement Items (Sales) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Details Of Income Statement [Abstract] | |||
Sales | $ 6,955 | $ 5,043 | $ 5,271 |
Cost of sales | |||
Materials consumed | 2,342 | 1,647 | 1,702 |
Cost of labor | 906 | 794 | 766 |
Depreciation and amortization | 413 | 416 | 384 |
Energy and fuel | 343 | 316 | 340 |
Other | 340 | 380 | 262 |
Cost of sales | $ 4,344 | $ 3,553 | $ 3,454 |
Details of Income Statement I_4
Details of Income Statement Items (Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Selling, transport and marketing expenses | |||
Land and marine transportation | $ 742 | $ 515 | $ 509 |
Cost of labor | 171 | 134 | 133 |
Other | 154 | 117 | 125 |
Selling, transport and marketing expenses | 1,067 | 766 | 767 |
General and administrative expenses | |||
Cost of labor | 166 | 136 | 153 |
Professional Services | 44 | 32 | 42 |
Other | 66 | 64 | 59 |
General and administrative expenses | 276 | 232 | 254 |
Research and development expenses, net | |||
Cost of labor | 52 | 40 | 36 |
Other | 12 | 14 | 14 |
Research and development expenses, net | $ 64 | $ 54 | $ 50 |
Details of Income Statement I_5
Details of Income Statement Items (Other Income and Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other income and expenses [Abstract] | |||
Capital gain | $ 16 | $ 0 | $ 12 |
Profit From divestment | 14 | 0 | 0 |
Past service cost | 12 | 11 | 5 |
Reversal of provision for legal claims | 11 | 0 | 7 |
Reversal of Impairment of fixed assets | 9 | 0 | 10 |
Other | 1 | 9 | 6 |
Other income recorded in the income statements | 63 | 20 | 40 |
Provision for legal claims | 17 | 0 | 14 |
Provision for historical waste removal and site closure costs | 14 | 83 | 7 |
Transaction costs | 8 | 0 | 0 |
Impairment and disposal of assets | 9 | 90 | 0 |
Provision for early retirement and dismissal of employees | 0 | 78 | 5 |
Other | 9 | 5 | 4 |
Other expenses recorded in the income statements | $ 57 | $ 256 | $ 30 |
Details of Income Statement I_6
Details of Income Statement Items (Financing Income and Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing income [Abstract] | |||
Net gain from change in fair value of derivative designated as economic hedge | $ 59 | $ 0 | $ 45 |
Net gain from change in fair value of derivative designated as cash flow hedge | 18 | 54 | 38 |
Interest income from banks and others | 17 | 7 | 8 |
Finance income | 94 | 61 | 91 |
Financing expenses [Abstract] | |||
Interest expenses to banks and others | 126 | 120 | 125 |
Net loss from changes in exchange rates | 79 | 58 | 72 |
Financing expenses in relation to employees' benefits | 23 | 38 | 39 |
Banks and finance institutions commissions (mainly commission on early repayment of loans) | 6 | 4 | 3 |
Net loss from change in fair value of derivative designated as economic hedge | 0 | 23 | 0 |
Financing expenses | 234 | 243 | 239 |
Net of borrowing costs capitalized | 18 | 24 | 19 |
Finance expenses | 216 | 219 | 220 |
Net Financing Expenses Recorded In The Income Statements | $ 122 | $ 158 | $ 129 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Narratives) (Details) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | May 31, 2020USD ($) | Jan. 31, 2020USD ($) | Dec. 31, 2018USD ($) | |
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||||||
Amount annual additional deductible cumulative | $ 6 | $ 6 | ||||
LIBOR-based debt mature after the expected end date | 30 | $ 30 | ||||
Number of shares sold | shares | 147 | |||||
Consideration received after sale of stock | $ 293 | |||||
Financial asset at amortized cost | $ 0 | $ 0 | $ 66 | $ 53 | ||
Hedging ratio | 1:1 | 1:1 | ||||
Hedged instruments amount | 230 | 230 | 109 | 110 | ||
Average interest discount on debenture | 2.50% | 2.60% | ||||
Israel, New Shekels | ||||||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||||||
Average interest discount on loan | 1.50% | 1.60% | ||||
Euro Member Countries, Euro | ||||||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||||||
Average interest discount on loan | 1.20% | 1.40% | ||||
Brazil, Brazil Real | ||||||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||||||
Average interest discount on loan | 13.00% | |||||
China, Yuan Renminbi | ||||||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||||||
Average interest discount on loan | 4.00% | 5.10% | ||||
Current Assets [Member] | ||||||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||||||
Financial asset at amortized cost | $ 74 | |||||
Derivative instruments [Member] | ||||||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||||||
LIBOR-based debt | $ 150 | $ 150 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management (Groups and Measurement Bases of Financial Assets and Financial Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial instruments [Line Items] | ||||
Cash and cash equivalents | $ 473 | $ 214 | $ 95 | $ 121 |
Short-term investments and deposits | 91 | 100 | ||
Other receivables | 357 | 341 | ||
Investments at fair value through other comprehensive income | 0 | 53 | ||
Investments at fair value through other comprehensive income | 0 | 83 | ||
Other non-current assets | 403 | 393 | ||
Short-term debt | (577) | (679) | ||
Trade payables | (1,064) | (740) | ||
Other current liabilities | (912) | (704) | ||
Long-term debt and debentures | (2,436) | (2,053) | ||
Other non-current liabilities | (70) | (98) | ||
Financial assets measured at fair value through the statement of income [Member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term investments and deposits | 0 | 0 | ||
Trade receivables | 0 | 0 | ||
Other receivables | 0 | 0 | ||
Investments at fair value through other comprehensive income | 0 | |||
Foreign currency derivative designated as economic hedge | 23 | 24 | ||
Marine transport derivative designated as economic hedge | 2 | |||
Foreign currency and interest derivative instruments designated as cash flow hedge Current assets | 23 | |||
Foreign currency and interest derivative instruments designated as cash flow hedge Non-current assets | 97 | 115 | ||
Investments at fair value through other comprehensive income | 0 | |||
Other non-current assets | 0 | 0 | ||
Total financial assets | 145 | 139 | ||
Short-term debt | 0 | 0 | ||
Trade payables | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Foreign currency and interest derivative designated as economic hedge Current Liabilities | 0 | 0 | ||
Energy and marine transport derivative designated as economic hedge Current Liabilities | 0 | |||
Long-term debt and debentures | 0 | 0 | ||
Foreign currency and interest derivative designated as economic hedge Non Current Liabilities | 0 | |||
Foreign currency and interest derivative instruments designated as cash flow hedge Non Current Liabilities | 0 | 0 | ||
Other non-current liabilities | 0 | |||
Total financial liabilities | 0 | 0 | ||
Total financial instruments, net | 145 | 139 | ||
Measured at fair value through the statement of comprehensive income [Member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Cash and cash equivalents | 0 | |||
Short-term investments and deposits | 0 | |||
Trade receivables | 0 | |||
Other receivables | 0 | |||
Investments at fair value through other comprehensive income | 53 | |||
Foreign currency derivative designated as economic hedge | 0 | |||
Foreign currency and interest derivative instruments designated as cash flow hedge Non-current assets | 0 | |||
Investments at fair value through other comprehensive income | 83 | |||
Other non-current assets | 0 | |||
Total financial assets | 136 | |||
Short-term debt | 0 | |||
Trade payables | 0 | |||
Other current liabilities | 0 | |||
Foreign currency and interest derivative designated as economic hedge Current Liabilities | 0 | |||
Energy and marine transport derivative designated as economic hedge Current Liabilities | 0 | |||
Long-term debt and debentures | 0 | |||
Foreign currency and interest derivative designated as economic hedge Non Current Liabilities | 0 | |||
Foreign currency and interest derivative instruments designated as cash flow hedge Non Current Liabilities | 0 | |||
Other non-current liabilities | 0 | |||
Total financial liabilities | 0 | |||
Total financial instruments, net | 136 | |||
Measured at amortized cost [Member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Cash and cash equivalents | 473 | 214 | ||
Short-term investments and deposits | 91 | 100 | ||
Trade receivables | 1,418 | 883 | ||
Other receivables | 45 | 122 | ||
Investments at fair value through other comprehensive income | 0 | |||
Foreign currency derivative designated as economic hedge | 0 | 0 | ||
Marine transport derivative designated as economic hedge | 0 | |||
Foreign currency and interest derivative instruments designated as cash flow hedge Current assets | 0 | |||
Foreign currency and interest derivative instruments designated as cash flow hedge Non-current assets | 0 | 0 | ||
Investments at fair value through other comprehensive income | 0 | |||
Other non-current assets | 14 | 8 | ||
Total financial assets | 2,041 | 1,327 | ||
Short-term debt | 0 | 0 | ||
Trade payables | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Foreign currency and interest derivative designated as economic hedge Current Liabilities | 0 | 0 | ||
Energy and marine transport derivative designated as economic hedge Current Liabilities | 0 | |||
Long-term debt and debentures | 0 | 0 | ||
Foreign currency and interest derivative designated as economic hedge Non Current Liabilities | 0 | |||
Foreign currency and interest derivative instruments designated as cash flow hedge Non Current Liabilities | 0 | 0 | ||
Other non-current liabilities | 0 | 0 | ||
Total financial liabilities | 0 | 0 | ||
Total financial instruments, net | 2,041 | 1,327 | ||
Financial liabilities measured at fair value through the statement of income [Member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term investments and deposits | 0 | 0 | ||
Trade receivables | 0 | 0 | ||
Other receivables | 0 | 0 | ||
Investments at fair value through other comprehensive income | 0 | |||
Foreign currency derivative designated as economic hedge | 0 | 0 | ||
Marine transport derivative designated as economic hedge | 0 | |||
Foreign currency and interest derivative instruments designated as cash flow hedge Current assets | 0 | |||
Foreign currency and interest derivative instruments designated as cash flow hedge Non-current assets | 0 | 0 | ||
Investments at fair value through other comprehensive income | 0 | |||
Other non-current assets | 0 | 0 | ||
Total financial assets | 0 | 0 | ||
Short-term debt | 0 | 0 | ||
Trade payables | 0 | 0 | ||
Other current liabilities | 0 | |||
Foreign currency and interest derivative designated as economic hedge Current Liabilities | 3 | (42) | ||
Energy and marine transport derivative designated as economic hedge Current Liabilities | (1) | |||
Long-term debt and debentures | 0 | 0 | ||
Foreign currency and interest derivative designated as economic hedge Non Current Liabilities | (13) | |||
Foreign currency and interest derivative instruments designated as cash flow hedge Non Current Liabilities | 7 | (28) | ||
Other non-current liabilities | 0 | 0 | ||
Total financial liabilities | (10) | (84) | ||
Total financial instruments, net | (10) | (84) | ||
Measured at amortized cost [Member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term investments and deposits | 0 | 0 | ||
Trade receivables | 0 | 0 | ||
Other receivables | 0 | 0 | ||
Investments at fair value through other comprehensive income | 0 | |||
Foreign currency derivative designated as economic hedge | 0 | 0 | ||
Marine transport derivative designated as economic hedge | 0 | |||
Foreign currency and interest derivative instruments designated as cash flow hedge Current assets | 0 | |||
Foreign currency and interest derivative instruments designated as cash flow hedge Non-current assets | 0 | 0 | ||
Investments at fair value through other comprehensive income | 0 | |||
Other non-current assets | 0 | 0 | ||
Total financial assets | 0 | 0 | ||
Short-term debt | 577 | (679) | ||
Trade payables | 1,064 | (740) | ||
Other current liabilities | 153 | (156) | ||
Foreign currency and interest derivative designated as economic hedge Current Liabilities | 0 | 0 | ||
Energy and marine transport derivative designated as economic hedge Current Liabilities | 0 | |||
Long-term debt and debentures | 2,436 | (2,053) | ||
Foreign currency and interest derivative designated as economic hedge Non Current Liabilities | 0 | |||
Foreign currency and interest derivative instruments designated as cash flow hedge Non Current Liabilities | 0 | 0 | ||
Other non-current liabilities | 49 | (53) | ||
Total financial liabilities | (4,279) | (3,681) | ||
Total financial instruments, net | $ (4,279) | $ (3,681) |
Financial Instruments and Ris_5
Financial Instruments and Risk Management (Credit Risk - Maximum Exposure to Credit Risk) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | $ 2,186 | $ 1,466 |
Cash and cash equivalents [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | 473 | 214 |
Short term investments and deposits [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | 91 | 100 |
Trade receivables [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | 1,418 | 883 |
Other receivables [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | 45 | 122 |
Derivatives [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | 145 | 139 |
Other non-current assets [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | $ 14 | $ 8 |
Financial Instruments and Ris_6
Financial Instruments and Risk Management (Credit Risk - Maximum Exposure to Credit Risk for Trade Receivables by Geographic Region) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial instruments [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | $ 1,418 | $ 883 |
Asia [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 440 | 258 |
Europe [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 362 | 330 |
South America [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 306 | 68 |
North America [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 193 | 144 |
Israel [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | 95 | 67 |
Others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Maximum exposure to credit risk of loans or receivables | $ 22 | $ 16 |
Financial Instruments and Ris_7
Financial Instruments and Risk Management (Credit Risk - Aging of Trade Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Gross [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | $ 1,427 | $ 893 |
Gross [Member] | Not past due [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 1,313 | 788 |
Gross [Member] | Past due up to 3 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 82 | 58 |
Gross [Member] | Past due 3 to 12 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 23 | 7 |
Gross [Member] | Past due over 12 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 9 | 40 |
Accumulated impairment [member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | (9) | (10) |
Accumulated impairment [member] | Not past due [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | (1) | 0 |
Accumulated impairment [member] | Past due up to 3 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 0 | 0 |
Accumulated impairment [member] | Past due 3 to 12 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | (2) | (1) |
Accumulated impairment [member] | Past due over 12 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | $ (6) | $ (9) |
Financial Instruments and Ris_8
Financial Instruments and Risk Management (Credit Risk - Movement in the Allowance of Doubtful Accounts during the Year) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | ||
Balance at start of period | $ 10 | $ 3 |
Additional allowance | (3) | 5 |
Reversals | (2) | 0 |
Change due to translation differences | 4 | 2 |
Balance at end of period | $ 9 | $ 10 |
Financial Instruments and Ris_9
Financial Instruments and Risk Management (Liquidity Risk) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short term debt (not including current maturities) | $ 577 | $ 679 |
Trade payables | 1,064 | 740 |
Other current liabilities | 912 | 704 |
Long-term debt, debentures and others | 2,436 | 2,053 |
Not past due [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short term debt (not including current maturities) | 327 | 296 |
Trade payables | 1,064 | 740 |
Other current liabilities | 153 | 156 |
Long-term debt, debentures and others | 2,735 | 2,489 |
Non-derivatives financial liabilities | 4,279 | 3,681 |
Not past due [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 84 | |
Not past due [Member] | Foreign currency and interest derivative designated as economic hedge [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 55 | |
Not past due [Member] | Foreign currency and interest derivative designated as economic hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 10 | |
Not past due [Member] | Energy and marine transport derivative designated as economic hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 1 | |
Not past due [Member] | Foreign currency and interest derivative designated as cash flow hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 28 | |
12 months or less [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short term debt (not including current maturities) | 329 | 299 |
Trade payables | 1,064 | 740 |
Other current liabilities | 153 | 156 |
Long-term debt, debentures and others | 352 | 489 |
Non-derivatives financial liabilities | 1,898 | 1,684 |
12 months or less [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 43 | |
12 months or less [Member] | Foreign currency and interest derivative designated as economic hedge [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 42 | |
12 months or less [Member] | Foreign currency and interest derivative designated as economic hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 3 | |
12 months or less [Member] | Energy and marine transport derivative designated as economic hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 1 | |
12 months or less [Member] | Foreign currency and interest derivative designated as cash flow hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
Second year [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short term debt (not including current maturities) | 0 | 0 |
Trade payables | 0 | 0 |
Other current liabilities | 0 | 0 |
Long-term debt, debentures and others | 1,003 | 529 |
Non-derivatives financial liabilities | 1,003 | 529 |
Second year [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
Second year [Member] | Foreign currency and interest derivative designated as economic hedge [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
Second year [Member] | Foreign currency and interest derivative designated as economic hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
Second year [Member] | Energy and marine transport derivative designated as economic hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
Second year [Member] | Foreign currency and interest derivative designated as cash flow hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
3-5 years [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short term debt (not including current maturities) | 0 | 0 |
Trade payables | 0 | 0 |
Other current liabilities | 0 | 0 |
Long-term debt, debentures and others | 799 | 859 |
Non-derivatives financial liabilities | 799 | 859 |
3-5 years [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
3-5 years [Member] | Foreign currency and interest derivative designated as economic hedge [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
3-5 years [Member] | Foreign currency and interest derivative designated as economic hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 7 | |
3-5 years [Member] | Energy and marine transport derivative designated as economic hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
3-5 years [Member] | Foreign currency and interest derivative designated as cash flow hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
Sixth year and thereafter [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short term debt (not including current maturities) | 0 | 0 |
Trade payables | 0 | 0 |
Other current liabilities | 0 | 0 |
Long-term debt, debentures and others | 1,532 | 1,559 |
Non-derivatives financial liabilities | 1,532 | 1,559 |
Sixth year and thereafter [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 41 | |
Sixth year and thereafter [Member] | Foreign currency and interest derivative designated as economic hedge [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 13 | |
Sixth year and thereafter [Member] | Foreign currency and interest derivative designated as economic hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | $ 0 | |
Sixth year and thereafter [Member] | Energy and marine transport derivative designated as economic hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
Sixth year and thereafter [Member] | Foreign currency and interest derivative designated as cash flow hedge [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | $ 28 |
Financial Instruments and Ri_10
Financial Instruments and Risk Management (Market Risk - Interest Rate Profile) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fixed rate instruments [Member] | ||
Disclosure of financial instruments by type of interest rate [Line Items] | ||
Financial assets | $ 338 | $ 165 |
Financial liabilities | (2,466) | (2,450) |
Total financial instruments, net | (2,128) | (2,285) |
Variable rate instruments [Member] | ||
Disclosure of financial instruments by type of interest rate [Line Items] | ||
Financial assets | 36 | 223 |
Financial liabilities | (562) | (296) |
Total financial instruments, net | $ (526) | $ (73) |
Financial Instruments and Ri_11
Financial Instruments and Risk Management (Market Risk - Sensitivity Analysis for Variable Rate Instruments) (Details) - Swap contract [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Decrease 1% [Member] | Changes In Us Dollar Interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | $ (32) |
Decrease 1% [Member] | Changes In Israeli Shekel Interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 39 |
Decrease 0.5% [Member] | Changes In Us Dollar Interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (16) |
Decrease 0.5% [Member] | Changes In Israeli Shekel Interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 19 |
Increase 0.5% [Member] | Changes In Us Dollar Interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 15 |
Increase 0.5% [Member] | Changes In Israeli Shekel Interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (18) |
Increase 1% [Member] | Changes In Us Dollar Interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 29 |
Increase 1% [Member] | Changes In Israeli Shekel Interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | $ (35) |
Financial Instruments and Ri_12
Financial Instruments and Risk Management (Market Risk - Terms of Derivative Financial Instruments Used to Hedge Interest Risk) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SWAP contracts from variable interest to fixed interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount (fair value) | $ (7) | $ (13) |
Stated amount | $ 150 | $ 150 |
Maturity date (in years) | 2024 | 2024 |
Interest rate range | 2.47-2.6 | 2.47%-2.60% |
SWAP contracts from fixed ILS interest to fixed USD interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount (fair value) | $ 119 | $ 87 |
Stated amount | $ 579 | $ 701 |
Maturity date (in years) | 2034 | 2034 |
Interest rate range | 2.4-4.47 | 2.40%-4.47% |
SWAP contracts from varible GBP interest to fixed USD interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount (fair value) | $ 5 | |
Stated amount | $ 63 | |
Maturity date (in years) | 18/05/2021 | |
Interest rate range | 1-month libor | |
SWAP contracts from variable USD interest to fixed EUR interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount (fair value) | $ (41) | |
Stated amount | $ 324 | |
Maturity date (in years) | 19/05/2021 | |
Interest rate range | 1-month libor |
Financial Instruments and Ri_13
Financial Instruments and Risk Management (Market risk - Sensitivity Analysis Non-derivative Financial Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Euro/U.S Dollar [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | $ (80) | $ (96) |
U.S Dollar/Israeli Shekel [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 177 | 134 |
U.S Dollar/British Pound [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 1 | 2 |
U.S Dollar/Chinese Yuan Renminbi [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (1) | (1) |
U.S Dollar/Turkey Lira [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | $ 0 | $ (1) |
Financial Instruments and Ri_14
Financial Instruments and Risk Management (Market risk - Sensitivity Analysis) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Euro/U.S Dollar [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | $ (80) | $ (96) |
U.S Dollar/British Pound [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 1 | 2 |
U.S Dollar/Israeli Shekel [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 177 | 134 |
U.S Dollar/Chinese Yuan Renminbi [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (1) | $ (1) |
Option contract [Member] | Euro/U.S Dollar [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 5 | |
Option contract [Member] | Euro/U.S Dollar [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 2 | |
Option contract [Member] | Euro/U.S Dollar [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (3) | |
Option contract [Member] | Euro/U.S Dollar [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (6) | |
Option contract [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (40) | |
Option contract [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (18) | |
Option contract [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 25 | |
Option contract [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 55 | |
Swap contract [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (69) | |
Swap contract [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (36) | |
Swap contract [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 40 | |
Swap contract [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 85 | |
Forward contracts [Member] | Euro/U.S Dollar [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 22 | |
Forward contracts [Member] | Euro/U.S Dollar [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 11 | |
Forward contracts [Member] | Euro/U.S Dollar [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (11) | |
Forward contracts [Member] | Euro/U.S Dollar [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (22) | |
Forward contracts [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (48) | |
Forward contracts [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (25) | |
Forward contracts [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 27 | |
Forward contracts [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 58 | |
Forward contracts [Member] | U.S Dollar/Chinese Yuan Renminbi [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (4) | |
Forward contracts [Member] | U.S Dollar/Chinese Yuan Renminbi [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (2) | |
Forward contracts [Member] | U.S Dollar/Chinese Yuan Renminbi [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 3 | |
Forward contracts [Member] | U.S Dollar/Chinese Yuan Renminbi [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | $ 5 |
Financial Instruments and Ri_15
Financial Instruments and Risk Management (Market risk - Terms of Derivative Financial Instruments Used to Economically Hedge Foreign Currency Risk) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Put options [Member] | Euro/U.S Dollar [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 2 | $ 0 |
Stated amount | $ 57 | $ 47 |
Average exchange rate | 1.2 | 1.2 |
Put options [Member] | U.S Dollar/British Pound [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ 0 |
Stated amount | $ 12 | $ 10 |
Average exchange rate | 1.4 | 1.3 |
Put options [Member] | U.S Dollar/Israeli Shekel [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 14 | $ 13 |
Stated amount | $ 660 | $ 400 |
Average exchange rate | 3.2 | 3.3 |
Put options [Member] | U.S Dollar/Japanese Yen [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ 0 |
Stated amount | $ 4 | $ 2 |
Average exchange rate | 109.7 | 107 |
Call options [Member] | Euro/U.S Dollar [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ (2) |
Stated amount | $ 57 | $ 47 |
Average exchange rate | 1.2 | 1.2 |
Call options [Member] | U.S Dollar/British Pound [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ 0 |
Stated amount | $ 12 | $ 10 |
Average exchange rate | 1.4 | 1.3 |
Call options [Member] | U.S Dollar/Israeli Shekel [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ (2) | $ (1) |
Stated amount | $ 660 | $ 380 |
Average exchange rate | 3.2 | 3.3 |
Call options [Member] | U.S Dollar/Japanese Yen [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ 0 |
Stated amount | $ 4 | $ 2 |
Average exchange rate | 109.7 | 107 |
Swap contract [Member] | Euro/U.S Dollar [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ (41) | |
Stated amount | $ 324 | |
Average exchange rate | 1.1 | |
Swap contract [Member] | U.S Dollar/British Pound [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 5 | |
Stated amount | $ 63 | |
Average exchange rate | 1.3 | |
Swap contract [Member] | U.S Dollar/Israeli Shekel [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 119 | $ 87 |
Stated amount | $ 579 | $ 701 |
Average exchange rate | 3.7 | 3.7 |
SWAP contracts from variable interest to fixed interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ (7) | $ (13) |
Stated amount | 150 | 150 |
SWAP contracts from variable USD interest to fixed EUR interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | (41) | |
Stated amount | 324 | |
SWAP contracts from fixed ILS interest to fixed USD interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | 119 | 87 |
Stated amount | 579 | 701 |
Forward contracts [Member] | Euro/U.S Dollar [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | 4 | 0 |
Stated amount | $ 240 | $ 150 |
Average exchange rate | 1.2 | 1.2 |
Forward contracts [Member] | U.S Dollar/British Pound [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ 0 |
Stated amount | $ 16 | $ 27 |
Average exchange rate | 1.4 | 1.4 |
Forward contracts [Member] | U.S Dollar/Israeli Shekel [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 3 | $ 8 |
Stated amount | $ 515 | $ 377 |
Average exchange rate | 3.2 | 3.2 |
Forward contracts [Member] | U.S Dollar/Chinese Yuan Renminbi [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 1 | $ 0 |
Stated amount | $ 46 | $ 23 |
Average exchange rate | 6.5 | 6.6 |
Forward contracts [Member] | U.S Dollar/Brazilian Real risk [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ (1) | |
Stated amount | $ 37 | |
Average exchange rate | 5.4 | |
Forward contracts [Member] | Other [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ 0 |
Stated amount | $ 23 | $ 53 |
Average exchange rate | 0 | 0 |
Financial Instruments and Ri_16
Financial Instruments and Risk Management (Market risk - Linkage Terms of Monetary Balances) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | $ (49) | $ (21) |
Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 2,041 | 1,463 |
Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 473 | 214 |
Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 91 | 100 |
Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1,418 | 883 |
Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 45 | 122 |
Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 136 | |
Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 14 | 8 |
Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 4,279 | 3,681 |
Short-term debt [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 577 | 679 |
Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1,064 | 740 |
Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 153 | 156 |
Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 2,436 | 2,053 |
Other non-current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 49 | 53 |
U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (736) | (937) |
U.S Dollar risk[Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 865 | 729 |
U.S Dollar risk[Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 89 | 114 |
U.S Dollar risk[Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 86 | 88 |
U.S Dollar risk[Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 684 | 454 |
U.S Dollar risk[Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 2 | 72 |
U.S Dollar risk[Member] | Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
U.S Dollar risk[Member] | Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 4 | 1 |
U.S Dollar risk[Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1,601 | 1,666 |
U.S Dollar risk[Member] | Short-term debt [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 196 | 267 |
U.S Dollar risk[Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 210 | 145 |
U.S Dollar risk[Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 33 | 41 |
U.S Dollar risk[Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1,161 | 1,211 |
U.S Dollar risk[Member] | Other non-current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1 | 2 |
Euro Currency Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (320) | 422 |
Euro Currency Risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 309 | 289 |
Euro Currency Risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 23 | 13 |
Euro Currency Risk [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 5 |
Euro Currency Risk [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 260 | 227 |
Euro Currency Risk [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 22 | 41 |
Euro Currency Risk [Member] | Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
Euro Currency Risk [Member] | Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 4 | 3 |
Euro Currency Risk [Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 926 | 388 |
Euro Currency Risk [Member] | Short-term debt [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 92 | 70 |
Euro Currency Risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 216 | 163 |
Euro Currency Risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 73 | 68 |
Euro Currency Risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 499 | 36 |
Euro Currency Risk [Member] | Other non-current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 46 | 51 |
British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 10 | 8 |
British Pound risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 47 | 40 |
British Pound risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 5 | 5 |
British Pound risk [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
British Pound risk [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 41 | 35 |
British Pound risk [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1 | 0 |
British Pound risk [Member] | Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
British Pound risk [Member] | Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
British Pound risk [Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 65 | 132 |
British Pound risk [Member] | Short-term debt [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 12 | 85 |
British Pound risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 28 | 21 |
British Pound risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 4 | 4 |
British Pound risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 21 | 22 |
British Pound risk [Member] | Other non-current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 611 | 305 |
Israeli Shekel risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 104 | 67 |
Israeli Shekel risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 3 | 2 |
Israeli Shekel risk [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Israeli Shekel risk [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 82 | 58 |
Israeli Shekel risk [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 19 | 7 |
Israeli Shekel risk [Member] | Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
Israeli Shekel risk [Member] | Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Israeli Shekel risk [Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1,247 | 1,240 |
Israeli Shekel risk [Member] | Short-term debt [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 184 | 181 |
Israeli Shekel risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 410 | 326 |
Israeli Shekel risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 18 | 17 |
Israeli Shekel risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 635 | 716 |
Israeli Shekel risk [Member] | Other non-current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 178 | 54 |
Chinese Yuan Renminbi risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 357 | 251 |
Chinese Yuan Renminbi risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 263 | 60 |
Chinese Yuan Renminbi risk [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 3 | 4 |
Chinese Yuan Renminbi risk [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 91 | 51 |
Chinese Yuan Renminbi risk [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Chinese Yuan Renminbi risk [Member] | Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 136 | |
Chinese Yuan Renminbi risk [Member] | Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Chinese Yuan Renminbi risk [Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 225 | 220 |
Chinese Yuan Renminbi risk [Member] | Short-term debt [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 52 | 68 |
Chinese Yuan Renminbi risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 91 | 66 |
Chinese Yuan Renminbi risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 15 | 26 |
Chinese Yuan Renminbi risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 67 | 60 |
Chinese Yuan Renminbi risk [Member] | Other non-current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 134 | 46 |
Brazilian Real risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 304 | 31 |
Brazilian Real risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 76 | 6 |
Brazilian Real risk [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Brazilian Real risk [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 222 | 21 |
Brazilian Real risk [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1 | 0 |
Brazilian Real risk [Member] | Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
Brazilian Real risk [Member] | Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 5 | 4 |
Brazilian Real risk [Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 207 | 20 |
Brazilian Real risk [Member] | Short-term debt [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 41 | 7 |
Brazilian Real risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 103 | 11 |
Brazilian Real risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 10 | 0 |
Brazilian Real risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 51 | 2 |
Brazilian Real risk [Member] | Other non-current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 2 | 0 |
Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 74 | 81 |
Other [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 55 | 56 |
Other [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 14 | 14 |
Other [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 2 | 3 |
Other [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 38 | 37 |
Other [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 2 |
Other [Member] | Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
Other [Member] | Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1 | 0 |
Other [Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 8 | 15 |
Other [Member] | Short-term debt [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 1 |
Other [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 6 | 8 |
Other [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 2 | 6 |
Other [Member] | Other non-current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Non-derivative instruments [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (2,238) | (2,218) |
Non-derivative instruments [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (736) | (937) |
Non-derivative instruments [Member] | Euro Currency Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (617) | (99) |
Non-derivative instruments [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (18) | (92) |
Non-derivative instruments [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (1,143) | (1,173) |
Non-derivative instruments [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 132 | 31 |
Non-derivative instruments [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 97 | 11 |
Non-derivative instruments [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 47 | 41 |
Derivative instruments [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 2,189 | 2,197 |
Derivative instruments [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Derivative instruments [Member] | Euro Currency Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 297 | 521 |
Derivative instruments [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 28 | 100 |
Derivative instruments [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1,754 | 1,478 |
Derivative instruments [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 46 | 23 |
Derivative instruments [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 37 | 35 |
Derivative instruments [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 27 | 40 |
SWAP USD into ILS [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 701 | |
SWAP USD into ILS [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into ILS [Member] | Euro Currency Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into ILS [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into ILS [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 701 | |
SWAP USD into ILS [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into ILS [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into ILS [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into Euro [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 324 | |
SWAP USD into Euro [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into Euro [Member] | Euro Currency Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 324 | |
SWAP USD into Euro [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into Euro [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into Euro [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into Euro [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into Euro [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into GBP [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 63 | |
SWAP USD into GBP [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into GBP [Member] | Euro Currency Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into GBP [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 63 | |
SWAP USD into GBP [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into GBP [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into GBP [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into GBP [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
Cylinder instruments [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 733 | 479 |
Cylinder instruments [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Cylinder instruments [Member] | Euro Currency Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 57 | 47 |
Cylinder instruments [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 12 | 10 |
Cylinder instruments [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 660 | 400 |
Cylinder instruments [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Cylinder instruments [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 20 |
Cylinder instruments [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 4 | 2 |
Forward contracts [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 877 | 630 |
Forward contracts [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Forward contracts [Member] | Euro Currency Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 240 | 150 |
Forward contracts [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 16 | 27 |
Forward contracts [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 515 | 377 |
Forward contracts [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 46 | 23 |
Forward contracts [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 37 | 15 |
Forward contracts [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | $ 23 | $ 38 |
Financial Instruments and Ri_17
Financial Instruments and Risk Management (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Carrying amount [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Loans bearing fixed interest | [1] | $ 407 | $ 89 |
Notes and debentures issued | 2,126 | 1,995 | |
Carrying amount [Member] | Marketable [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Notes and debentures issued | [2] | 1,524 | 1,625 |
Carrying amount [Member] | Non marketable [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Notes and debentures issued | [3] | 195 | 281 |
Fair value [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Loans bearing fixed interest | [1] | 408 | 96 |
Notes and debentures issued | 2,346 | 2,262 | |
Fair value [Member] | Marketable [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Notes and debentures issued | [2] | 1,730 | 1,870 |
Fair value [Member] | Non marketable [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Notes and debentures issued | [3] | $ 208 | $ 296 |
[1] | The fair value of the Shekel, Euro, and Yuan loans issued bearing fixed interest is based on calculation of the present value of the cash flows in respect of the principal and the interest and is discounted at the market interest rates on the measurement date for similar loans having similar characteristics and is classified as Level 2 in the fair value hierarchy. The average discount interest as of December 31, 2020 for the Shekel, Euro and Yuan loans was 1.6%, 1.4% and 5.1%, respectively (December 31, 2019 for the Shekel, Euro and Yuan loans 1.4%, 1.3%, and 4.2%, respectively). | ||
[2] | The fair value of the marketable debentures is based on the quoted stock exchange price and is classified as Level 1 in the fair value hierarchy. | ||
[3] | The fair value of the non‑marketable debentures is based on calculation of the present value of the cash flows in respect of the principal and the interest and is discounted at the Libor rate customary in the market for similar loans having similar characteristics and is classified as Level 2 in the fair value hierarchy. The average discount interest as of December 31, 2020 was 2.6% (December 31, 2019 – 3.7%). |
Financial Instruments and Ri_18
Financial Instruments and Risk Management (Hierarchy of Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Level 1 [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Investments at fair value through other comprehensive income | $ 0 | $ 136 |
Level 2 [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Derivatives designated as economic hedge, net | 15 | (32) |
Derivatives designated as cash flow hedge, net | 120 | 87 |
Total | $ 135 | $ 55 |
Earnings per Share (Narratives)
Earnings per Share (Narratives) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Consolidated Financial Statements [Abstract] | |
Description of instruments with potential future dilutive effect not included in calculation of diluted earnings per share | As of December 31, 2021, all 12 million outstanding options, representing 4.2 million shares, were included in the diluted weighted average number of ordinary shares calculation. As of December 31, 2020 and 2019 – 27 million and 17.5 million options, respectively, were not included since they did not have a diluting effect. |
Earnings per Share (Basic earni
Earnings per Share (Basic earnings per share) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Earnings attributed to the shareholders of the Company | $ 783 | $ 11 | $ 475 |
Earnings per Share (Weighted-av
Earnings per Share (Weighted-average Number of Ordinary Shares) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Balance as at January 1 | 1,280,242 | 1,279,379 | 1,278,084 |
Shares issued during the year | 223 | 29 | 98 |
Shares vested | 2,342 | 618 | 768 |
Weighted average number of ordinary shares used in computation of the basic earnings per share | 1,282,807 | 1,280,026 | 1,278,950 |
Earnings per Share (Weighted-_2
Earnings per Share (Weighted-average Number of Ordinary Shares Diluted) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Weighted average number of ordinary shares used in computation of the basic earnings per share | 1,282,807 | 1,280,026 | 1,278,950 |
Effect of stock options and restricted shares | 4,244 | 247 | 3,106 |
Weighted average number of ordinary shares used in computation of the diluted earnings per share | 1,287,051 | 1,280,273 | 1,282,056 |
Related and Interested Partie_2
Related and Interested Parties (Narratives) (Details) $ in Millions | Nov. 11, 2020USD ($) | Jan. 30, 2020USD ($) | Dec. 31, 2017USD ($)BCM | Dec. 31, 2021USD ($) | Dec. 31, 2020 |
Disclosure of transactions between related parties [line items] | |||||
Margin loans | As of December 31, 2021, 184 million ordinary shares have been pledged by Israel Corporation to secure certain liabilities, almost entirely comprised of margin loans with an aggregate outstanding principal of about $314 million | ||||
Explanation of relationships between parent and subsidiaries | Israel Corp. is a public company listed for trading on the Tel Aviv Stock Exchange (TASE). Based on the information provided by Israel Corp., Millenium Investments Elad Ltd. (“Millenium”) and Mr. Idan Ofer are considered as controlling shareholders jointly of Israel Corp., for purposes of the Israeli Securities Law (each of Millenium and Mr. Idan Ofer hold shares in Israel Corp. directly, and Mr. Idan Ofer serves as a director of Millenium and has an indirect interest in it as the beneficiary of the discretionary trust that has indirect control of Millenium, as stated below). Millenium holds approximately 44.44% of the share capital in Israel Corp., which holds as of December 31, 2021, approximately 45.62% of the voting rights and approximately 44.76% of the issued share capital, of the Company. To the best of Israel Corp.’s knowledge, Millenium is held by Mashat (Investments) Ltd. (“Mashat”) and by XT Investments Ltd. (“XT Investments”), with 84.73% and 15.27% holding rates in the issued share capital, respectively. Mashat is wholly owned by Ansonia Holdings Singapore B.V. (“Ansonia”). Ansonia is a wholly owned subsidiary of Jelany Corporation N.V., which is wholly owned by Court Investments Ltd. (“Court”). Court is wholly owned by a discretionary trust, in which Mr. Idan Ofer is the beneficiary. XT Investments is wholly owned by XT Holdings Ltd. (“XT Holdings”). To the best of Israel Corp.’s knowledge, ordinary shares of XT Holdings are held in equal shares by Orona Investments Ltd. (which is indirectly controlled by Mr. Ehud Angel) and by Lynav Holdings Ltd. ("Lynav"), which is controlled by a discretionary trust in which Mr. Idan Ofer is the beneficiary. Mr. Ehud Angel holds, among other things, a special share that grants him, inter alia, under certain limitations and for certain issues, an additional vote on the Board of Directors of XT Holdings. Lynav also holds directly 1.25% of the issued share capital of Israel Corp. In addition, Kirby Enterprises Inc., which is to the best of Israel Corp.’s knowledge, indirectly held by the same trust that holds Mashat, in which, as stated, Mr. Idan Ofer is the beneficiary, holds approximately 0.74% of the issued share capital of Israel Corp. Furthermore, Mr. Idan Ofer holds directly approximately 3.85% of the issued share capital of Israel Corp. Even though Israel Corp. holds less than 50% of the Company’s ordinary shares, it still has decisive influence at the General Meetings of the Company’s shareholders and, effectively, it has the power to appoint directors and to exert significant influence with respect to the composition of the Company’s Board of Directors. | ||||
Name of parent entity | Israel Corporation LTD. | ||||
Term of expiration of management services agreement | 3 years | ||||
Payments for annual management fee | $ 1 | ||||
New Framework Transaction [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Term of framework transaction | 3 years | ||||
Millenium Investments Elad Ltd. (“Millenium”) [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Percentage of holding of share capital | 44.44% | ||||
Percentage of voting rights and issued share capital | 45.62% | ||||
Percentage of issued share capital | 44.76% | ||||
Mashat (Investments) Ltd. (“Mashat”) [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Percentage of holding of share capital | 84.73% | ||||
XT Investments Ltd. (“XT Investments”) [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Percentage of holding of share capital | 15.27% | ||||
Israel Corp. [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Percentage of holding of share capital | 0.74% | ||||
Percentage of constituting voting rights of shares | 50.00% | ||||
Israel Corp. [Member] | New Framework Transaction [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Amount of liability comprised limit of directors and officers insurance policy | $ 40 | ||||
Amount of joint primary tier of liability cap | $ 20 | ||||
Amount of separate tier covering liability cap | 330 | ||||
Total amount of joint liability cap and separate tier covering of liability cap | $ 350 | ||||
Annual premium shall not exceed cap for joint primary tier and separate tier | $ 10 | ||||
Percentage of division of premium amount paid by company | 80.00% | ||||
Percentage of division of premium amount paid by parent company and others | 20.00% | ||||
Percentage of premium allocation will not exceed entire transaction period | 25.00% | ||||
Liability limit of directors and officers insurance policy | $ 116 | ||||
Amount of liability comprised limit of directors and officers insurance policy | 40 | ||||
Additional coverage of liability limit of directors and officers insurance policy | $ 76 | ||||
Israel Corp. [Member] | Mr. Idan [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Percentage of holding of share capital | 3.85% | ||||
Energean PLC [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
The company share In the end of the year, agreements for supply of natural gas | $ 1,800 | ||||
Number of natural gas acquire | BCM | 13 | ||||
Period of natural gas acquire | 15 years | ||||
Lynav Holdings Ltd [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Percentage of holding of share capital | 1.25% |
Related and Interested Partie_3
Related and Interested Parties (Benefits to Key Management Personnel including Directors) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related party transactions [abstract] | ||
Short-term benefits | $ 12 | $ 9 |
Post-employment benefits | 1 | 1 |
Share-based payments | 5 | 7 |
Total | 18 | 17 |
To interested parties employed by the Company | 3 | 3 |
To interested parties not employed by the Company | $ 1 | $ 2 |
Related and Interested Partie_4
Related and Interested Parties (Transactions with Related and Interested Parties) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related party transactions [abstract] | |||
Sales | $ 7 | $ 3 | $ 4 |
Cost of sales | 6 | 3 | 8 |
Selling, transport and marketing expenses | 13 | 7 | 10 |
Financing expenses (income), net | (2) | (1) | (1) |
General and administrative expenses | 1 | 1 | 1 |
Management fees to the parent company | $ 1 | $ 1 | $ 1 |
Related and Interested Partie_5
Related and Interested Parties (Balances with Interested Parties) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Related party transactions [abstract] | ||
Other current assets | $ 40 | $ 35 |
Other current liabilities | $ 4 | $ 2 |
Group Main Entities (Informatio
Group Main Entities (Information) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
ICL Israel Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL Israel Ltd. | |
Principal location of the company's activity | Israel | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Dead Sea Works Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Dead Sea Works Ltd. | |
Principal location of the company's activity | Israel | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Dead Sea Bromine Company Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Dead Sea Bromine Company Ltd. | |
Principal location of the company's activity | Israel | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Rotem Amfert Negev Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Rotem Amfert Negev Ltd. | |
Principal location of the company's activity | Israel | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Mifalei Tovala Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Mifalei Tovala Ltd. | |
Principal location of the company's activity | Israel | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Dead Sea Magnesium Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Dead Sea Magnesium Ltd. | |
Principal location of the company's activity | Israel | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Bromine Compounds Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Bromine Compounds Ltd. | |
Principal location of the company's activity | Israel | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Fertilizers and Chemicals Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Fertilizers and Chemicals Ltd. | |
Principal location of the company's activity | Israel | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Iberpotash S.A. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Iberpotash S.A. | |
Principal location of the company's activity | Spain | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Fuentes Fertilizantes S.L. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Fuentes Fertilizantes S.L. | |
Principal location of the company's activity | Spain | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
ICL Europe Cooperatief U.A. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL Europe Coöperatief U.A. | |
Principal location of the company's activity | The Netherlands | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
ICL Europe B.V. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL Europe B.V. | |
Principal location of the company's activity | The Netherlands | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
ICL IP Terneuzen B.V. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL IP Terneuzen B.V | |
Principal location of the company's activity | The Netherlands | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
ICL Finance B.V. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL Finance BV | |
Principal location of the company's activity | The Netherlands | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Everris International B.V. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Everris International B.V. | |
Principal location of the company's activity | The Netherlands | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
ICL Puriphos B.V. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL Puriphos B.V. | |
Principal location of the company's activity | The Netherlands | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
ICL-IP America Inc. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL-IP America Inc | |
Principal location of the company's activity | United States of America | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
ICL Specialty Products Inc. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL Specialty Products Inc | |
Principal location of the company's activity | United States of America | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Everris NA, Inc. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Everris NA, Inc. | |
Principal location of the company's activity | United States of America | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Growers Holdings, Inc. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Growers Holdings, Inc. | |
Principal location of the company's activity | United States of America | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
BK Giulini GmbH [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | BK Giulini GmbH | |
Principal location of the company's activity | Germany | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
ICL Holding Germany GmbH [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL Holding Germany GmbH | |
Principal location of the company's activity | Germany | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
ICL Bitterfeld GmbH [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL Bitterfeld GmbH | |
Principal location of the company's activity | Germany | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Prolactal GmbH [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Prolactal GmbH | |
Principal location of the company's activity | Austria | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Cleveland Potash Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Cleveland Potash Ltd. | |
Principal location of the company's activity | United Kingdom | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Everris Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Everris Ltd. | |
Principal location of the company's activity | United Kingdom | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
ICL America do Sul [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL America do Sul | |
Principal location of the company's activity | Brazil | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Agro Fertilaqua Participacoes S.A. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Agro Fertilaqua Participacoes S.A. | |
Principal location of the company's activity | Brazil | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Qualyquímica Industria e Comercio de Produtos Quimicos Ltda [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Qualyquímica Industria e Comercio de Produtos Quimicos Ltda | |
Principal location of the company's activity | Brazil | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
ICL Brasil, Ltda. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL Brasil, Ltda. | |
Principal location of the company's activity | Brazil | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
ICL Investment Co. Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL Investment Co. Ltd. | |
Principal location of the company's activity | China | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Yunan Phosphate Haikou Co. Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Yunnan Phosphate Haikou Co. Ltd. | |
Principal location of the company's activity | China | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 50.00% | 50.00% |
ICL Asia Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL Asia Ltd | |
Principal location of the company's activity | Hong Kong | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
ICL Trading (HK) Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL Trading (HK) Ltd. | |
Principal location of the company's activity | Hong Kong | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |
Scora S.A.S., France [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Scora S.A.S., France | |
Principal location of the company's activity | France | |
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% |